TV Ads Still a No Go for Cannabis

Posted on August 21, 2015 by admin

The first television ad for recreational marijuana was produced this month, but was yanked at the last minute due to legal concerns. The ad for Neos, a producer of cannabis vaporizers and oils, was supposed to air in Denver, Colorado. The spot shows young adults partying in clubs and in nature and states, “You lead an adventurous life, always finding new ways to relax.” The spot ends with a group around a camp fire and the slogan, “a bold new way to unwind. Neos, recreate responsibly.” Even though the ad does not show cannabis or any type of paraphernalia, the federal government still considers pot illegal, therefore the spot was not allowed to air.

Pot has been legal in Colorado for a few years, yet legal cannabis operations are still not allowed to advertise their products on the medium that will reach the most potential customers. This isn’t the first time, nor will it be the last, that state’s rights have butted heads with federal regulations. Recreational marijuana is legal in Colorado, Washington, Oregon, Alaska, and D.C. And 20 more states have legalized medical marijuana. Still this disconnect between federal and state laws has created a variety of problems for advertising and for banking.

Despite the fact that the Obama administration has pledged not to interfere with individuals or institutions that consume or sell cannabis legally, many banking institutions are still leery of opening cannabis merchant accounts due to heavy liability if merchants conduct illegal practices.

Marijuana advocates believe it is just a matter of time until the federal government decriminalizes or legalizes at least medical marijuana nationwide. After all, this July the Canadian Supreme Court ruled that medical marijuana was legal in both consumable and inhalable forms. The ruling was a huge win for individuals who prefer to consume marijuana in less invasive forms like through food or candy.

If your state has legalized recreational or medical marijuana, you will still be cut off from important avenues of advertising. This means that you must depend on other avenues to increase profits. Choosing the right payment processor can make all the difference. With access to a recreational or medical marijuana payment processor, merchants can process checks and credit cards. MMA is that payment processing solution.

For fast and dependable marijuana merchant accounts, contact us now.

Nevada & Medical Marijuana: What Merchants Need to Know

Posted on August 21, 2015 by admin

Legalized marijuana of all shapes and sizes is big business. More and more states are legalizing the drug, and with any new legalized product comes big business – and big headaches. Nevada medical marijuana merchants are learning this the hard way, as the state’s first dispensary opening on July 31^st. The methods in which patients obtain a “license” to access the drug is hard to get, which helps legitimize the industry. However, even though science has proven its benefits, and the medical industry is helping keep out those who do not need the product, others are still weary of this industry.

The state has a regulation not only who can purchase the drug, but also how much dispensaries can sell per day. The current limit is set between 12 and 14 pounds, which seems like a lot. However, depending upon how many patients come to purchase, a merchant may have to close shop after a few hours. This limit is in good faith; however, there are still those who look down upon the industry. While state officials (not the mention the Feds, who still criminalize green leafy drugs) are weary, the public has been wanting this legalization for years. And with more and more people turning to homeopathy and naturopathy instead of traditional pills and shots for their ailments, this legalization couldn’t come at a better time.

One big issue that comes with the legalized medical marijuana industry comes from payment acceptance. This isn’t free, so you will need to be able to accept payments somehow. This is where a marijuana merchant account comes in. All businesses need a merchant account, but for some, such as medical marijuana, it can be hard to find one. This is why many legal marijuana businesses are “cash only”, which is dangerous. “Cash only” businesses are at a greater risk of burglary, and once the cash is gone, there is no way to recover it. Yes, it can be hard to locate a marijuana merchant account, but the search is worth it. It is an absolute must for all legalized marijuana businesses.

New dispensary? Contact us today

Marijuana Dispensaries Slow to Accept Credit Cards despite Friendly Federal Policy

Posted on July 24, 2015 by admin

Marijuana in the US is a controversial commodity. It remains a Schedule I substance at the federal level implying that it is not legal to produce, distribute, or possess it. Yet, at the same time, the Obama administration has shown considerable evidence pointing to their will to allow the freedom of individual states to make their determinations on sales of marijuana.

The government through its Financial Crimes Enforcement Network has even encouraged banks to extend merchant services to traders of marijuana. Federal agents are forbidden from carrying out any raids on state-approved dispensaries of medical marijuana.

Marijuana is legal in nearly half of the states of the US, with four of them having flat-out legalized use of recreational marijuana. Yet the transactions on this product still take place almost entirely in cash. This method of operation is a major headache for the marijuana dispensaries.

The risk is increased for merchants and customers alike. Customers have to carry around large volumes of cash to the merchant’s location. And merchants have been forced to invest in bank-grade safes, security structures, and other anti-theft actions.

This reliance on cash for all of a business transactions has another burden to it. It increases operational costs for marijuana merchants. Even worse, it keeps reinforcing the perception that the business is not legitimate.

Blind to available card payment opportunities

This line of action is casting a blind eye to the currently available card payment opportunities. In the US, two of the main card networks have abided by the directive given by the government and have relaxed their policies.

Visa has confirmed that even though it intends to keep ensuring that its network is used per the federal regulation, it will extend its services to marijuana merchants. MasterCard too has toed the line.

The two card networks will allow the banks to make their individual decisions pertaining to the legality of marijuana merchants.

These, however, are not the only payment opportunities available to the marijuana dispensaries. MMA currently offers marijuana merchant account services without any legal restrictions.

These alternative payment processing opportunities come as a great relief to the marijuana industry since big banks have remained guarded in their move towards embracing a free marijuana economy.

Now it remains upon the marijuana merchants to take advantage of these available opportunities and free themselves of the risks associated with cash dealings in marijuana business.

For marijuana merchant account solutions contact MMA today!

House Bill Aims to Reduce Barriers to Medical Marijuana Research

Posted on July 21, 2015 by admin

With medical marijuana legal in 25 US states, the federal government has to rethink their standing on the subject. Although medical use of cannabis is legal for certain states, it remains a schedule I drug on federal grounds. This makes research nearly impossible. As more and more states are legalizing the drug and allowing it to be used as a medical substance, research is becoming of utmost importance.

A new house bill aims to add a new schedule to the Controlled Substances Act. As of right now, marijuana is classed as a schedule I drug, which leaves very minimal wiggle room for research. The new bill aims to create a new schedule IR, which would allow research to be performed on the drug. This would create a whole new world for medical marijuana use with scientific facts to back up the benefits that it brings to the table.

As of right now, medical marijuana dispensaries are considered high risks due to lack of research and federal laws that still view it as a schedule I drug. This requires medical cannabis businesses to resort to getting a high risk medical marijuana merchant account. Ultimately, businesses pay higher fees and have to spend lots of time simply searching for a bank to get them approved for a credit card processing account.

If the new bill passes, the drug would remain a schedule I drug for most uses, except for research purposes. Research could be done with much more ease, allowing this industry to grow as a whole. With adequate research and scientific facts to back up the benefits, medical marijuana could become a fully decriminalized drug much sooner.

In the meantime, it remains a touchy subject with the two governments on different grounds. Although marijuana remains legal in 25 American states, it’s still illegal on a federal level. This makes it incredibly difficult for dispensaries and even growers to remain legal 100% of the time. While the federal government is beginning to rethink their standing on the issue, nothing is certain. We will have to wait it out and see what comes from this new research bill.

For Marijuana Merchant Account Solutions Contact us today!

Medical Cannabis Businesses Who Find it Hard to Open Accounts – The Search Ends Here

Posted on June 16, 2015 by admin

Medical marijuana is finally becoming legal in Minnesota on July 1^st, yet it remains a touchy subject due to federal laws. Banks and financial institutions are weary of working with such businesses out of fear of federal crackdowns.

This summer, Minnesota patients suffering from cancer, AIDS, HIV and several other conditions, will be permitted to consume marijuana on medical terms. The marijuana will be distributed in pill and oil form and will be highly regulated. Grown by physicians, scientists and other professionals, everything is highly controlled. Nonetheless, banks are still extremely cautious about working with marijuana businesses.

Getting approved for a marijuana merchant account and even getting a line of credit is becoming a task all on its own for these businesses. Now that the legal issues are out of the way, medical marijuana growers now have to focus on the financial aspect. Getting approved for high-risk accounts is nearly impossible with most banks refusing every single application.

The issue is that most banks consider the fact that medical marijuana is still considered illegal on a federal level. The DEA still places marijuana on the same level as LSD and heroin. However, the federal government has announced that shutting down state medical marijuana growers would not be a priority. This allows some banks to consider accepting professional-quality growing-ops.

Nonetheless, most medical cannabis growers are turning towards companies such as MMA to get approved for marijuana merchant accounts. This allows them to accept credit cards without having to pass through local banks.

The federal government has also provided banks with several documents, outlining how to deal with medical marijuana growers without being held responsible. For instance, filing a Suspicious Activity Report for every deposit will help banks approved marijuana growers without being held responsible. Although it seems like a ton of paperwork considering the massive amount of deposits being made, it’s a solution nonetheless.

The best solution thus far is working with high-risk merchant processors such as MMA, which is far better than dealing with cash transactions only.

Contact MMA to get setup with Merchant Solutions for your MMJ business today!

Will Marijuana Merchants be Fined in California?

Posted on June 12, 2015 by admin

Marijuana growers in California may face an extra obstacle to production. A new bill called AB 243, written by Assemblyman Jim Wood (D-Healdsburg), is set to be heard in the California Assembly. The bill would require commercial marijuana growers in California to get a permit that specifies how many plants are being grown and where. The bill gives local governments the right to decide how many indoor and outdoor plants can be cultivated by growers. Some view the proposed bill as a sign of validation for the marijuana industry, others believe it is a governmental attempt to muscle out marijuana growers.
Wood’s bill goes even further with an environmental component. In addition to possibly being told how many plants they can legally grow, marijuana merchants will also need to obtain a permit from the State Water Resources Control Board that proves they are in compliance with all local water laws. Growers will have to show that their processes like, irrigation runoff, fertilizer use, soil disposal, and water discharge fit state requirements.
Wood claims that the legislation is not meant to be a hassle to growers, but is meant to further regulate marijuana like other agricultural crops. The bill is called a “pathway” for commercial growers into the farming community. One of the most controversial parts of the bill are all of the fees that growers must pay to comply with the new laws. The bill would cost around $6 million, but permit fees are projected to significantly lower that figure.
Wood knows that some people may not agree with his methods of marijuana grower integration. He pledges that if his bill is not successful, he will regroup and try again next year. AB 243 is headed for a vote in the California Assembly. If it passes, the bill will be sent to the Senate for approval. If the bill passes the Senate, Governor Brown will have the last word. This is a significant time for marijuana merchants. The passing of the bill could further legitimize the marijuana business in California, leading to an even bigger boom in the industry. Let the experts of MMA manage your marijuana merchant account.

Call us today at 1-800-466-1809 to learn how we can grow your business.

New Bill Gives States Complete Control over Marijuana Regulation

Posted on May 11, 2015 by admin

Marijuana users in states that have legalized it may be able to sell and use the drug without fear of federal interference this summer. A bill named, “Respect State Marijuana Laws Act of 2015” was recently introduced to Congress by Rep. Dana Rohrabacher of California that provides immunity against federal prosecution of businesses and people who engage in marijuana use in compliance of state laws. The legislation has many state legislators excited, as they believe the bill could mean the end of marijuana prohibition.

Some state representatives see the passing of the bill as a way to basically eliminate prohibition of marijuana use at the federal level. Last year, the Justice Department announced that it would not interfere with the sell or use of legal marijuana, as long as the state maintained control over the growing industry. To solidify this stance, a federal bill was signed by President Obama that prevented federal funds to be used to go after the medical marijuana industry. But the federal funds bill falls short of actually preventing the Drug Enforcement Administration from punishing dispensaries and patients who are following state weed laws. The bill only stops the government from attacking the state. Therefore, the DEA could target a specific business entity, even though that entity operates in a state that has legalized marijuana use.

The “Respect State Marijuana Laws Act of 2015” wants to extend the same protection the medical sector of the cannabis industry needs to the recreational side, which would allow states the ability to legalize weed for any purpose without concerns over violating federal statutes.

Dan Riffle of the Marijuana Policy Project believes the new bill will be the key to resolving conflicts between state and federal laws by letting states decide their own policies. Many supporters of the legislation believe it will pass with bipartisan support. Even the GOP presidential candidates have said to leave marijuana oversight to the states. The bill will be voted on this summer.

If this bill passes, it could be a major piece of legislation that bolsters the recreational and medical marijuana industries. If you are a marijuana merchant, you will need to be prepared for the influx of sales that your business will experience. The marijuana merchant account experts of MMA will get your account ready to process checks and credit cards.

For fast and dependable medical marijuana merchant accounts, contact us now.

According to the DEA, Feds must Grow more Marijuana than Anticipated

Posted on April 21, 2015 by admin

Last year, the Drug Enforcement Administration (DEA) decided that the federal government needs to grow more cannabis. This has been true of 2015 as well. In a proposal published by the Federal Register in early April, DEA Administrator Michele Leonhart revealed that the need has increased beyond what was initially anticipated.

In August of 2014, the DEA increased the feds’ quota from 21,000 grams to 650,000 grams. Since Leonhart first signed off for the feds to produce 125,000 grams in 2015, the agency has come to realize that the research and product development involving cannabidiol (CBD) has increased beyond what was expected. The DEA is now saying that the feds should produce 400,000 grams of marijuana this year – more than three times what was anticipated.

In Leonhart’s notice, she also revealed that the DEA “has also received notification from the National Institute on Drug Abuse (NIDA) that it required additional supplies of marijuana to be manufactured in 2015 to provide for ongoing and anticipated research efforts involving marijuana.”

What has fueled this need for more research and development? There has been an increase in interest concerning CBD-rich strains of marijuana due to recent media coverage. This coverage has featured children medical cases in which the drug has been used to treat severe epilepsy. The possibility that the drug could help in such medical cases has motivated many states to pass laws allowing limited access.

If you are currently operating a business in this industry or have plans of starting one soon, you are probably already aware of how difficult it is, if not impossible, to secure funding with a traditional lending source. Despite testing on behalf of feds and the legalization of marijuana in some states, marijuana is still illegal on the federal level and classified as a Schedule I drug.

Fortunately, there are alternative options out there that can help you obtain the funding you need to continue to grow your business safely and efficiently. For example, a marijuana merchant account is an account offered by a provider that specializes in offering such services to a business considered “high risk”; such as, a business operating in the marijuana industry.

Don’t let the continued issues over the legalization and acceptance of marijuana on both the state and federal level slow down your business. Even though funding can be difficult to secure with a traditional source, take advantage of the options a marijuana merchant account can offer you and your business.

Will Legalized Marijuana be moving into the “Swing” States?

Posted on April 20, 2015 by admin

The push for the legalization of both medical and recreational marijuana has been at a crossroads for some time now. Many states have already legalized both uses of marijuana. Even more states are beginning to take steps towards doing the same.

Even so, no one expected what has happened next. Less than a year ago, research was done by 24/7 Wall St. to find out which states were likely to legalize marijuana next: Alaska, California, Maryland, Massachusetts, New Hampshire, New York, Oregon, Rhode Island and Vermont. None of the swing states – Florida, Ohio and Pennsylvania – were listed.

However, a recent Quinnipiac University Swing State Poll revealed that voters in the swing states now support the legalization of marijuana. These states are considered key since no presidential candidate has been elected since 1960 without winning at least two of the three swing states.

While this poll does not directly state the outcome, votes seem to suggest, so far, that these three states will help in the widespread push to legalize medical marijuana. The support for medical marijuana is shown in the following percentages: 84% to 15% in Ohio, 84% to 14% in Florida and 88% to 10% in Pennsylvania. The feelings on the vote for recreational use in the swing states is not as definitive.

It may come as a surprise, but the majority of swing state voters revealed that they had no intention of using marijuana for themselves, even though the support for having small amounts of marijuana for recreational use was over 50% in each of the three swing states. In light of this, it makes one wonder how much effort will go into pushing for recreational use with so few showing interest in personal use.

As the movement to legalize marijuana continues, both for medical and recreational use, more and more entrepreneurs will see opportunities. With the swing states showing interest in legalizing medical marijuana, and perhaps recreational as well, more doors are going to be opened for those who want to start businesses in these influential states. Even so, funding from traditional lending sources will remain difficult due to the illegal categorization of the substance on the federal level.

Fortunately, there are alternative funding options out there to choose from. For example, marijuana-merchant-account.com specifically offers marijuana merchant accounts. Fortunately for startups in this industry, MMA specializes in offering their services to businesses that are considered “high risk”. If you are more than interested in starting a business in this industry, take advantage of the quick, simple and hassle-free application process.

Is 2015 the Year of Weed?

Posted on March 24, 2015 by admin

This year, lawmakers across the nation are introducing legislation for recreational and medical marijuana. This onslaught of bills has emboldened marijuana advocacy groups, and have potential investors hoping for an expansion of the pot market. Thus far, 12 states have passed legalization bills over the past 4 years. As American tolerance for medical and recreational use of marijuana increases, so do efforts to push through laws to keep recreational users from clogging the criminal justice system, and to tax the drug to bolster state economies.

Many marijuana advocates believe that 2015 will be a big year for cannabis. They feel that some opponents of marijuana reform have conceded that they are fighting a losing battle, and that concession is a huge step forward. Legislators have already introduced bills to legalize and tax recreational marijuana in 8 states. Another 10 states are expected to consider similar bills this year. In addition, another 16 medical marijuana bills are expected to be introduced in various state legislators this year.

All in all, that’s three dozen legislation measures that marijuana advocates are hoping will pass in 2015. While all of these measures won’t pass, there are a few states that advocates believe do have a better chance than others of getting through.

Recreational Marijuana

Rhode Island

Supporters believe that if the next bill passes as written, it will allow for the existing 3 MMJ facilities to expand to recreational use before new entrants are allowed to apply for business licenses.

Pennsylvania

MMJ advocates are hopeful in Pennsylvania, as the new Governor has come out in support of passing a MMJ program, as has House leader Republican Rep. Dave Reed.

Vermont

A bill was introduced in the state this month that would allow adults 21 and older to possess up to an ounce of marijuana, plus 9 plants for personal use. Non-residents however, can only possess a quarter of an ounce. The measure would also allow at least 4 retailers to operate in the state, but a maximum is not stated.

Florida

In 2014, Amendment 2 was narrowly defeated which would have expanded the MMJ program in Florida. MMJ proponents are eager to see how the newest bill to legalize medical marijuana in the state performs, since a Republican state senator introduced it.

Although new federal guidelines have made it easier for recreational and medical marijuana merchants to operate without penalty, traditional payment processors refuse to work with legitimate marijuana businesses. Without access to a recreational or medical marijuana payment processing, merchants cannot process credit or debit cards.

For fast and dependable medical marijuana merchant accounts, contact us today!

Company :
Name :
Email :
Phone :
Time Zone :
Volume :
Type :

Tag Archives: marijuana merchant account