Why Banks Won’t Touch Legal Marijuana and the Risk it Creates

Posted on October 10, 2018 by admin

As each state legalizes medical and/or recreational marijuana, much has been said about the issue of money. Despite the continued federal prohibition, the marijuana industry has grown rapidly. The emerging market brought in nearly $9 billion in sales in 2017, according to managing director of BDS Analytics, Tom Adams. With the POaddition of the Golden State, it is estimated that this number will increase to $11 billion in 2018.

Believe it or not, money is a problem. A very big problem. The massive amounts of money these marijuana dispensaries are bringing in have nowhere to go. With this cash floating around, marijuana business owners find themselves in a dangerous situation.

Just this summer, the owner of a successful marijuana dispensary in Southern California was abducted from his Orange County home, tortured and mutilated by kidnappers. The reason? They mistakenly believed he had buried tens of thousands of dollars somewhere out in the desert and wanted to know where it was.

In another horrific incident, a 28-year-old employee of a cannabis shop was left to die after being shot by masked men. Witnesses said they saw them escape with a duffel bag full of cash. In South LA, a teenager was shot dead by a dispensary security guard during a robbery attempt.

While California has allowed medical marijuana for years and fully legalized recreational in January of 2018, the state’s largest crop is still very much illegal under federal law. At the federal level, cannabis is classified as a Schedule I substance with no currently accepted medical use and a high potential for abuse.

Afraid to place themselves under federal prosecution if they accept money from marijuana sales, banks turn these businesses away. This leaves marijuana dispensaries with lots of cash and nowhere to put it. A large majority of a multi-billion dollar industry is forced to deal almost exclusively in cash. Thus, more and more dangerous encounters and tragic events are taking place.

“It is a sad, misfortunate, bad application of public policy,” Aaron Klein, policy director of the Brooking Institution’s Center on Regulation and Markets, told The Daily Beast. “One of the purposes of decriminalizing and legalizing marijuana is to reduce crime.”

MedMen is one of the largest cannabis companies in the world, with stores in California, New York and Nevada. Despite raising roughly $135 million in venture capital money and having Chris Leavy as co-chairman, “the world’s largest money manager,” according to Bloomberg, no national financial institution wants anything to do with its money.

“Banking is definitely a challenge for this industry. I think everybody recognizes that,” MedMen spokesperson Daniel Yi said. “As an industry, of course we would like to have access to full banking services, including commercial loans, a line of credit — that’s what every business runs on.”

For now, marijuana dispensaries are continuing to rely on marijuana POB from an alternative provider like Marijuana Merchant Account. This option ensures businesses have a safe way to process transactions and handle their cash.

Marijuana Making Millions for Entrepreneurs in Colorado

Posted on July 9, 2018 by admin

Cannabis leaf scattered on the dollars. Seamless image The Marijuana industry is performing beyond everybody’s expectations. Some have even labeled the cannabis business the “second gold rush” after discovering a few marijuana-made millionaires. Colorado boasts of a few entrepreneurs who can be said to have reached the top of the business ladder, some even featuring in one of the weekly editions of the People’s Magazine under a title “Colorado Marijuana Millionaires.”

This remarkable performance continues amid pressure from concerned parents and leaders to ensure minors do not use cannabis or related products. Tripp Keber is one of the Colorado marijuana millionaires and the CEO of Denver-based Dixie Elixirs. He specializes in manufacturing different types of cannabis edibles.

In an Interview with FOX 31, Keber discloses that one of the challenges he faces is branding and packaging. Remember, the law requires that these products must be packaged and labeled in a way that boldly shows that they are to be used by adults only.

The People’s Magazine featured Keber, along with two other women, an act that the former termed as an honor given the tainted reputation of the cannabis sector. Moreover, seeing women making millions out of a product with a questionable reputation is a sign we should change our outlook on Cannabis.

Dixie Elixir has been selling cannabis edibles in Colorado for some time now. Tripp Keber says he shifted focus to edibles in a bid to reach out to all demographics. At the top of the business’s priority is providing safe recreational as well as medical cannabis to those in need in the safest and most consumable way possible.

According to Tripp, he owes much of his success to the good name he has earned from maintaining different state and federal standards on safety as well as any other matters related to the business. While it took him years to meet these standards, Tripp has managed to sell Dixie Elixirs to all of Colorado, and the brand has become quite common on local TV.

The marijuana millionaire also encourages young entrepreneurs in Colorado looking to try out the cannabis sector to take advantage of the new accommodating rules and regulations.

Wrap Up

The primary requirement for getting a license for your cannabis business in Colorado is residing in the state for not less than two years. Perhaps that’s the first challenge you’ll encounter; getting a Marijuana POB account may not be a hassle. And the rest of the setbacks may kick in later as you familiarize with the industry.

The Rise of Legal Marijuana Forces a Shift from “Say No” to “Delay”

Posted on June 13, 2018 by admin

Marijuana POB In California, the year kicked off with long queues of eager customers waiting in the dark; outside medical cannabis dispensaries for their “budtenders” to open doors and allow them to start shopping when the clock ticks midnight.

And this year, the effect has gone far beyond the marijuana cash register. We have all come across the ads or heard the rumor— even minors have, yet the drug remains illegal for under 21s.

“As you leave SFO [San Francisco] airport, you see prominent billboards for Eaze [a surfacing weed delivery service] with the message ‘Marijuana is here,’” says Danielle Ramo, an Adolescent Drug Use psychologist from the University of California-San Francisco. “Did parents expect to see so many images of weed all over?”

With the surfacing of legal recreational cannabis imminent in more American states, drug prevention education has evolved significantly with most schools dropping the archaic “Just Say No” slogan for an approach that may be more effective for a Marijuana POB era where weed is readily accessible. This new strategy emphasizes decision-making and critical thinking rather than insisting on abstinence.

One tactic they are adopting is the Being Adept curriculum. It is a proof-based course that has been in use by over 20 schools in San Francisco. This method along with other new-era drug education skills is based on decades of painstaking effectiveness research and current teaching practices.

The egg in a frying pan advert accompanied with the words “This is your brain on drugs,“ is no longer useful in drug education campaigns.

According to Ramo, “These are scare tactics are no longer effective. Today, school-based prevention is taking a very different mindset.”

In other words, more focus is now on facts, and not fear. What’s more, educators have realized that the conspicuously simplistic slogans like “Just say no” are no longer efficient. It is no wonder teachers are now urging students to check up data, contemplate on motives, talk about risks and think about on their goals and values.

The bottom line

Teachers are now expected to give engaging illustrations of the perceived dangerous effects of the drugs on the body while encouraging participation and allowing facts to unfold to the students. This means you are not merely going to tell the adolescent that his or her brain will resemble a frying egg when on drugs but you will give a demonstration of what takes place in the brain when someone is on drugs.

Marijuana POB | America Advocates for Cannabis Decriminalization

Posted on June 13, 2018 by admin

Marijuana Payment Processing Seems like only non-smokers and those who don’t mingle with cannabis users were shocked by this new Quinnipiac University national poll on marijuana legalization. If you didn’t see cannabis acceptance hit such a high so soon, then you have a lot to catch up with on the marijuana industry. To refresh your memory, California legalized recreational cannabis on the first day of this year, proof that the pursuit for decriminalization has been secretly on fire. Plus, more and more states want the drug legalized.

According to these statistics, an increasing number of American voters now support legalization of cannabis than ever. A whole 63 percent of U.S citizens want “legalization of the use of marijuana.” So far, this is the highest figure in the history of Quinnipiac polls.

“Growing from a stigmatized black market drug bought in the black market shadows to a well-liked treatment for several conditions, and to a nationally accepted recreational drug, cannabis has indeed gone mainstream,” says Tim Malloy, the Assistant Director Quinnipiac University Poll. And at this rate, we could achieve full decriminalization and open doors for more entrepreneurs to acquire Marijuana POB accounts.

Here are other findings of the same poll as regards to decriminalization of cannabis:

America wants Medical Cannabis legalized

Compared to the recreational sector, the medical marijuana industry has been performing well and attracting the attention of more U.S citizens. However, we didn’t estimate a ninety-four percent vote in favor of allowing the use of medical marijuana if a doctor prescribes it. Again, this was the highest figure in any poll by Quinnipiac University.

Weed is not a gateway drug!

There have been questions whether marijuana is a first step drug that leads to addiction to other drugs. But According to 61 percent of American voters, marijuana use does not foster abuse of other addictive drugs. Perhaps the nation is gaining more insight about the drug out of experience; or what other possible explanation can there be for these findings?

Major Supporters

Most Americans have been on the forefront of advocating for a high nation. This new poll has only confirmed the possible figures of those who have used recreational cannabis. 43 percent of U.S voters admitted to having used recreational weed with Men leading at 54 percent and Women following at 33 percent.

Federal Regulations on Marijuana should be lifted off

Americans feel that the government should lift off all federal laws against cannabis in states that have decriminalized the use of medical and recreational marijuana. A whopping 74% of voters support the bill safeguarding states that have made legal medical and recreational cannabis from federal prosecution.

Marijuana should be excluded from schedule 1

Schedule 1 consists of highly regulated drugs. And from the Quinnipiac University Poll, 76% of U.S Voters support the exclusion of cannabis as a Schedule 1 drug. A good percentage of America is probably wondering why the hell lawmakers are placing weed in the same class with the likes of heroin.

Lawmakers Continue Push to Expand Maryland Medical Marijuana Industry

Posted on August 28, 2017 by admin

Medical Marijuana Payment Processing In the final days of the Maryland legislative session, top democrats agreed to the expansion of medical marijuana growers in the state. Two top lawmakers in particular, Senate President Thomas V. Mike Miller and House Speaker Michael Busch, showed their support by writing a letter in July requesting passage of “emergency legislation” in the legislation session beginning January.

Even with these steps forward, there are still many issues to discuss. For example, lawmakers are still wrestling over which businesses should be given entry into the lucrative marijuana market. Fifteen companies were preapproved last year by regulators. If they pass all final inspections and background checks, they’ll be cleared to open cultivation sites. And what about marijuana credit card processing? With strict federal regulations, merchants are unable to secure processing and funding from traditional financial institutions. Most turn to an alternative provider like Marijuana Merchant Account (MMA).

There have been other obstacles in the process of approving five additional growing licenses. In the final days of the legislative session, House and Senate negotiators battled over a compromise concerning how many new licenses should be issued, along with whether the number of growers should be reduced if a company fails inspection.

If the new bill was passed, it would also favor minority-owned companies. This addition is lawmakers attempt to address concerns raised when two companies sued the state after their application was rejected in favor of lower-ranked bids. According to The Washington Post, these lower-ranked bids were from “geographic regions of Maryland where no growers had been approved”.

Opposition arose to expand the Maryland marijuana market, surprisingly, from the fifteen businesses that have already been given cultivation licenses. These companies have banded together to oppose expanding the market. According to them, this expansion completely derails their business plans and pitches to investors; their plans were based on the expectation that they would have exclusive foothold of the marijuana industry in Maryland.

“Our members relied on commitments from the state when making their business decisions, and it is reasonable for them to expect that the state would honor those commitments,” says Jake Van Wingerden, President of Cecil County’s SunMed Growers. “Many of our members are just months away from delivering medical cannabis to patients, and we are opposed to any changes that would cause additional delays to this important program.”

Unfortunately, the session came to a close with no resolution. The bill was pushed off until 11:55p.m. – with a midnight deadline – before it came up before the full House. Republican lawmakers then delayed the vote by asking questions until the clock hit midnight. The 90-day session came to a close.

The result: none of the companies that received the green light to start growing Maryland’s first legal marijuana belong to African Americans, and the legal battle with two rejected applicants continues (they planned to drop the lawsuit if the bill was passed). The decision may be delayed, but the push for growth continues.

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Tag Archives: Marijuana POB

Why Banks Won’t Touch Legal Marijuana and the Risk it Creates

Marijuana Making Millions for Entrepreneurs in Colorado

The Rise of Legal Marijuana Forces a Shift from “Say No” to “Delay”

Marijuana POB | America Advocates for Cannabis Decriminalization

Lawmakers Continue Push to Expand Maryland Medical Marijuana Industry

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