Massive Funds Head to Marijuana Start-Ups

Posted on June 26, 2014 by admin

A new online start-up website is making waves. This website, CannaBuild, lets merchants describe and recommend strains of their inventory. While this does not seem like a big deal, it is. CannaBuild launched primarily from start-up funding from online donors. This is outstanding, and it can help ease the minds of future business owners who fear that they cannot afford, or obtain a loan, to secure their dispensary dreams. While crowdsourcing is the newest way for up and coming companies to garner funding, you could face later difficulty finding a marijuana payment processor.

Banks and many processors will not work with marijuana business, even in areas where it is highly accepted. These businesses are considered to be “high risk”, meaning that they are at a higher risk of having fraudulent activity occur. While this is true, it should not be so difficult to find a marijuana payment processor. It actually is not…if you know where to look. Where you need to look is to MMJ, or marijuana-merchant-account.com.

MMJ has over 10 years’ experience in dealing with marijuana payment processing. From medical marijuana to legalized recreational marijuana, we deal with it all. We are dedicated to your business, and we believe that you should have access to the same processing services as more mainstream businesses. We offer top of the line terminals, software, and security. In terms of terminals, we also offer wireless terminals, which are great for small workspaces. We are 100% legal, and our terminals accept Visa and MasterCards. While crowdsourcing is great, it can only help you launch your business. It cannot help you advance your business, or accept payments. For this, you need the services of MMJ.

Crowdsourcing is helping many marijuana businesses get going. However, while this system is great, it can only help get your business up and running, and it cannot help advance it or process payments. For this, you need the services of an advanced and experienced marijuana payment processor. You need MMJ. We have over 10 years of industry experience, and we are available to help you.

For Marijuana Payment Processing contact us today

Medical Marijuana Gets Some Help…From Washington DC

Posted on June 26, 2014 by admin

Lawmakers in Washington DC are considering loosening the region’s tight rules concerning medical marijuana. At the moment, there are only four ailments for which a doctor can prescribe medical marijuana. With this change, a doctor can prescribe medical marijuana as they see fit, regardless of the patients’ ailments. This is fantastic not only for patients, but also for those in DC who have thought about opening a medical marijuana dispensary.

There are many reasons to get into the medical marijuana business, from helping the community to the simple fact that it is lucrative. However, while it is a sure moneymaker, finding a processor to process payments can be tricky. The vast majority of banks and traditional processors will not cater to medical marijuana merchants, even in areas where the business is accepted. This can be challenging, however there are processors that specialize in medical marijuana payment processing. One of the leading companies is MMJ, or marijuana-merchant-account.com.

MMJ is not new to the medical marijuana business. We have been in business for over 10 years, providing the absolute best software, security, and terminals to our clients. We know that security is of utmost importance to medical marijuana dispensaries, and we provide the best. We also provide wireless terminals, which are streamlined and easier to manage if you have a small workspace, or if you would like to move throughout your business to do your transactions. Our services are 100% legal, and we have over 10 years of happy clients to back us up. While not all areas accept medical marijuana, if you are in area that does, it is a great business to be associated with. When you decide to become a dispenser, you need to turn to MMJ for your medical marijuana processing needs.

Hopefully Washington DC will loosen their restrictions on who can benefit from medical marijuana. The changes will not only benefit those in need of the product, as well as those who are medical marijuana merchants. This change can totally transform the industry, and you need to be prepared, regardless if you are a current or prospective medical marijuana dispensary operator. You need the best marijuana payment processor in your corner. You need MMJ.

For Marijuana Merchant Processing contact us today!

Florida Has a Long Road Ahead in its Medical Marijuana Debate

Posted on June 26, 2014 by admin

Florida has a medical marijuana bill up for vote this year, and it is hard to tell if it will pass. There are just as many opposed as there are supporters, and it is up to whichever voters show up in November. While it is only a matter of time before Florida accepts medical marijuana, either by this vote or another vote, you need to be prepared if you are thinking of operating a medical marijuana business.

Many banks and traditional processors will not work with medical marijuana merchants, due to their “high risk” label. This label simply means that there is a higher risk of fraudulent activity. It may seem like a dead end if you cannot get a merchant account from a bank or traditional processor. However, there are processors who specialize in marijuana merchant accounts that are here to serve you, such as marijuana-merchant-account.com who is proud to have an excellent team to assist you every step of the way.

Marijuana-merchant-account.com, or MMJ, has been around the medical marijuana industry for over 10 years. We know the dedication and care it takes to operate a medical marijuana business, and we are here to help you. We offer terminals, security, and software as you need it, as well as wireless payment processing for a more streamlined transaction experience. We accept Visa and MasterCard, and we are 100% legal. The ever-changing legislation can easily confuse a merchant if they are not up to date. We pride ourselves in keeping our clients up to date on all of the regulatory and financial changes that may affect their medical marijuana business.

Hopefully the Florida voters will pass their medical marijuana act. If not, there is always another election year looming. Regardless, if you are considering operating a medical marijuana dispensary, you will need the most experienced and equipped medical marijuana merchant account provider. You need MMJ. We have over 10 years of experience, and we know how quickly things can change for the industry. We keep our clients abreast of all changes, so they can make wise decisions for their business.

To open a Marijuana Merchant Account, contact us today

With Fed Help, Colorado May Have World’s First Marijuana Banks

Posted on June 26, 2014 by admin

Colorado is looking to incorporate the world’s first bank to cater exclusively to marijuana retailers, if Congress passes legislation. These banks are set to help marijuana businesses obtain transaction and account services that they would otherwise have difficulty finding. However, even if this legislation does not pass, there are transaction and merchant account services available to marijuana retailers.

The vast majority of banks and merchant account providers turn their noses up at marijuana retailers for many reasons, from not knowing how to deal with these companies to not being well equipped to dealing their high sale volumes. There are options available, namely high risk merchant account processors that specialize in marijuana accounts, such as us, here at http://marijuana-merchant-account.com, or MMJ.

Our advisors at MMJ can answer all your questions and recommend solutions that will help your business reach its financial goals. We offer clients a full suite of payment processing options allowing them to accept more payments than ever. We offer merchant accounts for medical and legal recreational marijuana. We have helped hundreds of medical marijuana dispensaries and legalized recreational marijuana retailers with payment processing services. Our retail locations choose our solution because there are no processing fees, discount rates, or Interchange fees. The patient accepts the convenience fee at the point of sale so there are no fees to the merchant. This also allows you to operate legally and within Visa, MasterCard and the association guidelines. We are at the top of our game, and we look forward to helping you advance your medical or recreational marijuana business. For your marijuana merchant account needs, look no further than MMJ.

It is fantastic that the government is considering legislation to bring forth banks that exclusively help legal marijuana businesses. However, if this legislation does not pass, all is not lost. If you are in need of a marijuana merchant account or processor, you need to look for further than MMJ, as we have over 10 years of experience in the industry.

To open a Marijuana Merchant Account, contact us today

New Federal Regulations Expand Marijuana Payment Processing Options

Posted on June 11, 2014 by admin

In February, the Obama administration released new rules related to banks who want to do business with institutions that sell legal marijuana. The Justice and Treasury Department rules are designed to “move from the shadows the historically covert financial operations of marijuana businesses,” stated Jennifer Shasky Calvery, director of the Treasury’s Financial Crimes Enforcement Network.

Although 20 states along with the District of Columbia have allowed the sale of medical and recreational marijuana, its production, sale, and possession are still illegal under Federal law. Because the federal government regulates many banking transactions, banks have avoided doing business with marijuana dealers. As a result, many legal marijuana businesses had to find niche institutions for marijuana payment processing or became cash only institutions; a susceptible target for thieves.

The new regulations make banks responsible for monitoring and researching legal marijuana businesses to ensure they are compliant with administration regulations. Now banks who wish to deal with legal marijuana merchants are expected to verify that they are licensed to legally disperse marijuana, gather information on all of the products that they plan to sell, and learn the nature of their customer base. Banks are also expected to notice and report any suspicious activity that dealers may be involved in, or report any improper transactions.

Current federal law requires that banks notify federal regulators of suspicious activities by any of their customers, not just marijuana dealers. Banks who believe that a marijuana merchant is legitimate, must file a “marijuana limited” report to initiate marijuana payment processing and account management. If a bank suspects that a marijuana merchant is not following the new guidelines, they must file a “marijuana priority” report, which is based on factors like an inability to prove revenue is derived from a legal source or profits that greatly exceed those of local competitors.

Even though the federal government has released new regulations, most banks continue to label legal marijuana dealer accounts as “high risk” and refuse to deal with these accounts. marijuana-merchant-account.com is your number one online source for high risk merchant accounts like medical marijuana accounts.

We offer a suite of marijuana payment processing options that enable you to discontinue cash only policies, and accept a variety of payments including checks and credit cards. Don’t wait to expand your customer’s payment options.

To open a marijuana merchant account, click on the button below

Cannabis Payment Processing in Demand as Big Tobacco Prepares to Enter Cannabis Market

Posted on June 11, 2014 by admin

A recent report by the Milbank Quarterly states that big tobacco and other major players in the food and beverage industries, are poised to enter the emerging cannabis market.

“Policymakers and public health advocates must be aware that the tobacco industry or comparable multinational organizations (eg, food and beverage industries) are prepared to enter the marijuana market with the intention of increasing its already widespread use,” the report suggests. It also revealed a concern about Big Tobacco’s ability to take over the cannabis industry, stripping it from the hands of smaller cannabis businesses and entrepreneurs. This news gives some credence to cannabis professional’s long held suspicions that Big Tobacco has kept an eye on the budding industry since the surge of cannabis use in the 1960s.

The Milbank Quarterly report advises advocates and policymakers to be prepared to discuss regulations, licensing laws, and market restrictions to prevent a Big Tobacco takeover. It also asks policymakers to be prepared to draft regulations to govern the cannabis industry.

Although representatives from several Big Tobacco companies like, R.J. Reynolds Tobacco Co. and British American Tobacco deny any plans to expand into the cannabis market, recently discovered documents reveal that major cigarette brands have been researching opportunities to enter the cannabis market since the early 1960’s even though representatives also denied it at the time. In fact, the documents reveal that a Philip Morris executive contacted the Justice Department for samples of marijuana in order to perform research. The executive was allowed to skip the required FDA review of Philip Morris’ plans.

Another internal memo also stated that Philip Morris was granted a “special permit” to manufacture and grow cannabis extracts, while a scientist with British American Tobacco drafted plans for cannabis load cigarettes.

Before changes at the federal level allow for Big Tobacco to compete with your business, contact the marijuana merchant account professionals to manage your cannabis payment processing needs. We are your number one online source for high risk merchant accounts.

At Marijuana-merchant-account.com we offer a suite of cannabis payment processing options that allow you to accept more types of payments than ever before. Don’t wait to expand your customer’s payment options.

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Cannabis Cooperative Gives New Hope to the Industry

Posted on June 6, 2014 by admin

The creation of cannabis co-operatives by state lawmakers may never have a chance to get off of the ground. The state of Colorado recently approved a plan that is meant to help marijuana stores deal with the enormous cash sums they experience. In September 2011, the last bank in the state of Colorado closed its doors to working with medical marijuana businesses. This action forced businesses to operate in cash-only, which obviously leaves the owner in a very risky situation with no place to deposit their money.

According to an article on May 12^th by the National Cannabis Industry Association, “State lawmakers late Wednesday night approved a law giving marijuana-store owners the right to create cannabis co-operatives, which would operate like banks or credit unions. Gov. John Hickenlooper previously indicated he would sign a slightly different bill but has repeatedly called on federal lawmakers to change laws on the national level.”

The bill is being co-sponsored by Democrat Sen. Pat Steadman and Republican Rep. Tom Massey. Senate Bill 75, if passed, would allow medical marijuana businesses to create cooperatives that would be regulated similar to credit unions while also being insured by “non-federally backed” insurance policies. Brian Vicente, of marijuana advocacy group Sensible Colorado, informed The Huffington Post that “Colorado’s tightly regulated medical marijuana businesses need banking that allows them to operate like other state licensed businesses.”

Under the proposed bill, cannabis co-ops would be able to provide banking services like issuing checks and electronically transferring funds. However, this can only happen if permission is given at the Federal level. “Most everyone agrees that banking needs to be fixed at the federal level. However, Congress appears to be unwilling to act, and Coloradans don’t have time to wait,” said Mike Elliott of the pot lobby’s Marijuana Industry Group in a statement to Coloradoan. “(This law) is likely not a solution to the banking problem but an opportunity to move the conversation forward.”

Marijuana store owners are in support of the Colorado co-op bill, saying they are tired of playing games with the banks. Having accounts closed by banks and having to open accounts using benign names is not only stressful, but it also leaves the owners at risk to crimes since the public is well aware of the industry being forced to operate in cash-only.

Elan Nelson, spokeswoman for Denver-based marijuana store Medicine Man, revealed her opinion to the Coloradoan. “While the cannabis co-op law likely won’t directly lead to changes, it’s a place to start”. She also stated that “It will probably go nowhere, but we have to start having the conversation at the federal level.” For now, business owners will have to find safe payment processing options and merchant accounts that are safe for the high risk involved in the marijuana industry. marijuana-merchant-account.com, for example, provides merchant processing services to marijuana dispensaries.

To start your Marijuana Payment Processing, click on the button below

Medical Marijuana Issue reaches the U.S. House of Representatives

Posted on June 6, 2014 by admin

On May 14, 2014, the National Cannabis Industry Association announced on their website that state medical marijuana laws would be discussed the following week on the floor of the U.S. House of Representatives. According to Steven Nelson of U.S. News & World Report, “Six Republicans and six Democrats, led by Rep. Dana Rohrabacher, R-Calif., are seeking to ban the Department of Justice – which includes the Drug Enforcement Administration and federal prosecutors – from using funds to go after medical marijuana in places where it’s allowed by state law.”

This isn’t the first time an amendment has been brought to the floor. A similar amendment was defeated in 2007 by a vote of 262-165. Recently, however, national polls have shown an overwhelming change in support of legal medical marijuana. According to U.S. News & World Report, “CBS News gauged support at 86 percent in January and Fox News found 85 percent support in February 2013.”

In addition, Rep. Morgan Griffith (R-VA) has introduced a bill proposing a removal of the barriers on doctors when it comes to prescribing marijuana. While the belief and movement is that medical marijuana should be available at pharmacies and covered by insurance, the concern is that doctors will be breaking the law.

For now, marijuana is still listed as a Schedule I drug; such drugs are classified as having a high potential for abuse with no accepted medical value and purpose. Doctors are unable to prescribe Schedule I drugs. In states where medical marijuana has been legalized, the most doctors are able to do is “recommend” it to patients who qualify.

According to U.S. News & World Report, Twenty-one states (soon 22) and Washington, D.C. have legalized medical marijuana, beginning with California in the late 1990s. Others states have dated laws allowing doctors to write prescriptions for marijuana that have not taken effect, or have recently legalized more limited cannabis-derived treatments.

As discussions continue, and more and more states legalize medical marijuana, those moving in the industry will be looking for sources to handle payment processing. Marijuana-merchant-account.com provides merchant processing services to Marijuana Dispensaries as well as high risk merchant accounts. Those working in the industry will need such sources since the use of medical marijuana may be legalized in some states but is still very much illegal on the federal level.

Need Marijuana Merchant Processing? Click the button below to get started today!

Medical Marijuana is Projected to be Nevada’s Next, Big Crop

Posted on June 6, 2014 by admin

Medical marijuana could be Nevada’s next big cash crop. Where other crops need so much water in order to see profit, the marijuana plant is relatively light when it comes to water requirements. According to an article by MMJ Business Daily, “Alfalfa earns $100 profit per acre-foot of water, while golf courses earn $5,000-$7,000 per acre-foot of water.” Because of the little water that marijuana requires, its growth in the desert can be justified.

Professor Dale Devitt of UNLV told the Las Vegas Review Journal that the relatively low water requirements of medical marijuana and the high retail price will place it ahead of the other crops in the area in terms of profitability per acre-foot of water.

With the lower amounts of water used (lower production costs), medical marijuana businesses have great hopes for high profits. Terra Tech, a publicly traded firm, has estimated that it will produce 75 pounds of marijuana each week. According to MMJ Business Daily’s report, that means a yield of $15 million to $25 million in annual sales.

With low water requirements and high estimated profits, speculators have already begun to line up. With proposals flooding in in Clark County, The Las Vegas Review Journal reported that the wide range of applicants include medical professionals, business people, and former politicians.

In addition, marijuana advocates are launching petition drives in hopes of placing the cannabis legalization bill on the 2016 ballot. According to MMJ Business Daily, those in favor of the industry making headway in Nevada foresee it becoming even larger than the current market in Colorado.

As the market expands and prospers in Nevada, sources for high risk merchant accounts will become more and more sought out. Marijuana-merchant-account.com offers such options for the merchants in the industry. According to their website, “We have helped hundreds of medical marijuana dispensaries with payment processing services. Our retail locations choose our solution because there are no processing fees, discount rates, or Interchange fees.”

To get your Marijuana Merchant Account started, click on the button below

Big Names Vying for Nevada Marijuana Payment Processing Business Licenses

Posted on May 22, 2014 by admin

Clark County had 206 proposals from over 100 groups for the medical marijuana businesses and they are targeting unincorporated areas of the county. Like any good business, these people can smell a profit without even leaving the comfort of their favorite chair. People that know people that have been in the business for years, can now complete their thoughts about a brighter future without looking over their shoulders for the local Constables.

Who’s who

On the top of the list is Sig Rogich. Once presidential adviser to Ronald Reagan, Sig currently operates a public relations firm in Nevada. Only eight years ago he managed a campaign that challenged the medical marijuana on a ballot initiative.

Next would be Chad Christensen, a former Las Vegas assemblyman that has teamed up with one of the local banking veterans, Daniel Brasov. Of course we also have Bill Feather. Bill is the former president of the Planet Hollywood Resort and he has partnered with Oscar Goodman. He is the son of Las Vegas’s previous Mayor.

Lobbyist and former legislator for Nevada is David Goldwater. With a partnership created with Greta Carter. Carter is the President of the Cannabis Training Institute in Seattle. That should make lots people nervous.

And we can’t forget

The wife of Larry Ruvo; Camille. Ruvo is a philanthropist and senior managing director for one of the largest distributors of alcoholic beverages on the Vegas strip. That should fit right into what Larry already has going. Of course, there is also Nick Spritos. He’s the director of the Women’s Cancer Center of Nevada. His partner is Geoffrey Hsieh an oncologist.

Should we be nervous?

Not yet at least. For the time being, these are people that have thought things over and know that they could definitely fit this new side business into their current one. It would be a good fit.

For right now though, Las Vegas and Reno have not accepted applications for medical marijuana businesses. They realize they will indeed attract those of an elite field, and for now, they will just sit on things.

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Tag Archives: marijuana payment processing

Massive Funds Head to Marijuana Start-Ups

Medical Marijuana Gets Some Help…From Washington DC

Florida Has a Long Road Ahead in its Medical Marijuana Debate

With Fed Help, Colorado May Have World’s First Marijuana Banks

New Federal Regulations Expand Marijuana Payment Processing Options

Cannabis Payment Processing in Demand as Big Tobacco Prepares to Enter Cannabis Market

Cannabis Cooperative Gives New Hope to the Industry

Medical Marijuana Issue reaches the U.S. House of Representatives

Medical Marijuana is Projected to be Nevada’s Next, Big Crop

Big Names Vying for Nevada Marijuana Payment Processing Business Licenses

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