Marijuana Making Millions for Entrepreneurs in Colorado

Cannabis leaf scattered on the dollars. Seamless imageThe 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.


Tax Free Pot Holiday Brings Many to Denver

Training-Dispensary-Staff-TipsMany areas host “tax free” weekends or holidays for various goods: clothing, electronic, back to school goods. Back in September, Denver got creative and held a tax free marijuana sales day. Thanks to Colorado’s Taxpayer’s Bill of Rights (TABOR), the state had already hit their tax cap on the marijuana dealers. So, for one day the 10% tax was dropped. Sales went up, and unlike the fears of the opposition, nothing bad happened.

Even though Denver has shown much success with their legalized recreational marijuana, many still oppose it. It is successful enough that in mid-September it has already passed the tax dollar threshold for the state. Yet, some still view it dangerous and perhaps a way to spark crime in the area. Unlike the good ol’ street dealer, marijuana dispensaries are highly regulated by the city and state, and this regulation makes it tough for a dispensary to partake in any wrongdoing. It also makes it hard for a dispensary to get off the ground, at all. While a merchant may open a dispensary after a bevy of red tape, there is another important task that lies at hand: dispensary check processing.

Finding a good check processor is tough for every business, but it is even tougher for a legalized recreational marijuana or medical marijuana dispensary. These dispensaries are in the processing industry’s “high risk” category, meaning that they are at a higher risk of having fraudulent charges, and a higher risk of closing up shop. The recreational marijuana industry in Denver is showing that these businesses are profitable, and here to stay, but the processing industry for the most part isn’t buying.

Because of this, it takes effort to find the right dispensary check processor. A good rule of thumb is to ask others who have been in the industry for a while. Not everyone will use the same processor, but you can get ahold of the names and start your research. Many start with Google, but top Google search option are paying to show up in the first page, and may not be the best option overall. Be smart with your searches and research, because a check processor is one of the most important things you will obtain for your dispensary.

Contact us for Marijuana Dispensary Check Processing Options today!



Colorado Bans EBT Card Withdrawals at Pot Shops

??????????????????????????????????????????????????????????????????????????????????Pot shop customers (and merchants), pay attention: Colorado has now banned EBT withdrawals from ATM machines in pot shops. While the state previously banned its withdrawals in casinos, liquor stores, and gun shops, this newest ban may leave some shaking their heads. Because pot shops are located in many communities, customers and non-customers alike use their ATM machines as a convenience for EBT cash withdrawal. While this is a setback and inconvenience for many, it should not deter you from operating your shop as you normally would. In fact, it may actually encourage you to look for other payment options beside the popular “cash only” method.

Many Colorado pot shops are “cash only” for many reasons, however it is dangerous. Many establishments have been victimized because of this, and once the cash is gone, your business is out of luck. The revenue is lost, never to return. You need to look for a marijuana payment processing company. You may think this is impossible, because of the stigma on the newly legalized market. True, many processors turn their noses up at the idea of providing a payment processing account to a marijuana merchant, but there are some who do not. One of the best in the business is MMA, or Marijuana Merchant Account.

MMA is different from traditional payment processors for many reasons. For starters, MMA is one of the foremost knowledgeable processors in the legalized marijuana industry. What tends to happen when a new product becomes legalized is that a few payment processors will hop aboard, only to charge huge processing fees. This is not the case with MMA. MMA has been helping legalized recreational and legalized medical marijuana merchants for over 10 years safely accept plastic payment cards with a low processing fee. This low fee does not mean that service is shabby; in fact, it means that MMA wants your business to succeed.

One of the biggest issues with marijuana payment processing accounts is the sub-par security and terminals that are offered up to marijuana merchants. This is not the case with MMA, as top of the line security, software, and terminals are offered. Regardless of how you operate your pot shop, MMA has the tools that you need to succeed.

For Marijuana payment processing and other forms of accepting payment at your dispensary contact us today!


Will Increase in Competition Crash the Cannabis Industry in Colorado?

800x600-e922-odkazujeme01aRecent changes to Colorado’s recreational marijuana market has created a boom in the industry, but has left some afraid of over-saturation. Last October, the state ended its vertical integration rule and opened the market up to new entrants. Although the move has spawned a plethora of new businesses, it has also started conversations of impending price collapse and a fear that merchants will turn to the black market to reap lost profits.

Many growers believe the influx of new entrants will lead to a price collapse in the coming months as stand-alone growers increase competition and flood the wholesale market. On January 1, 2014, only medical marijuana facilities were granted Colorado permits, but last summer the state opened up the application process to businesses who were previously ineligible. This ended a crucial requirement that recreational shops grow at least 70% of the marijuana they sell.

Since the change, the number of recreational licenses in Colorado has jumped by 35% (870 licensed businesses). With this much added competition, fears of price declines may be well founded. According to Cannabase, an online marketplace that pairs growers with retailers, the price of recreational marijuana plummeted $600 per pound between September and December of 2014, while supply jumped at the same time. Cannabase CEO, Jennifer Beck, adds that the margins are now being squeezed in the state which could lead to a price crash.

Michael Elliot, the executive director of the Marijuana Industry Group, is concerned that the price drop could lead to desperate cultivators to turning to the black market to get better prices. If this happens, it would be a violation of one of the core eight principles defined by the Department of Justice. This would jeopardize the issuing of new licenses throughout the state.

Still, increased competition is good news for some in the industry. Businesses that deal in edibles now have more to choose from as more and more types of cannabis flood the market.

Despite the success of the cannabis businesses in Colorado, many merchants still find it difficult to secure competent recreational or medical marijuana payment processing from traditional payment processors. Luckily, there are some experienced online payment processors that specialize in fast and comprehensive marijuana payment processing.

Learn more about expanding your customer’s payment options with credit and debit cards by contacting us today!


Legalization of Marijuana Creates New Economy in Denver

??????????????????????????????????????????????????????????????????????????????????Since the legalization of recreational marijuana in Denver in 2014, the city has created a profitable industry where individuals and businesses can thrive. Now the city officially has more marijuana dispensaries than Starbucks, making it the place to be for new marijuana entrepreneurs. Although the city has been in the center of heated debates and punchlines, marijuana’s effects on the economy are no laughing matter.

Since its legalization, marijuana has created a large job market and increased tax revenue, to the tune of $44 million. Now smart entrepreneurs are rushing to the state to grow and sell their own special strands of marijuana. Companies are popping up left and right, dealing with all aspects of the marijuana trade. Many are creating marijuana-infused products, like sodas, lotions, cookies, and other edibles.

Once marijuana was legalized in Denver, many residents were concerned that it would lead to an increase in drug related accidents, drug related crimes, and drug use in children. Thus far, these fears have not come to pass. According to a Denver Post poll, crime rates have remained stable in the city, while its car fatalities and murder rate decreased in 2014. Also there has yet to be any definitive proof that legalization has increased the use of marijuana for people under 21 years of age.

Jack Strauss of the University of Denver, recently conducted a study on the economic impact of two of Denver’s major marijuana dispensaries, Colorado Harvest Company and Evergreen Apothecary. Strauss found that the combined economic impact of both stores was seven times the impact of the average restaurant or retail store in the metro area. Tax revenue from both totaled over $1.07 million for Colorado and over $390,000 for the city.

Despite the embracing of marijuana businesses in Colorado, many marijuana merchants still find it difficult to secure competent recreational or medical marijuana payment processing from traditional lenders. However, there are some experienced online payment processors that specialize in this area.

Learn more about expanding your customer’s payment options with credit and debit cards. Contact us today!


Marijuana Industry Banking focus for Colorado Governor

The marijuana state, Colorado stampThe traditional banking industry has disassociated from the marijuana industry for a long time. All that is about to change in the state of Colorado with the Governor focusing on putting the marijuana industry banking a top priority for the growing sector in their state. The once unregulated and unstructured marijuana industry lead banks fearful of crackdowns by the federal government, but with new laws allowing the selling of medical marijuana according to state laws, Colorado has seen an explosion of revenue coming from the marijuana industry.

With the beneficial increase in state revenue from the marijuana industry taxes, Colorado Governor, John Hickenlooper, is aiming to make the marijuana industry free of corruption by focusing on banks to start working with the marijuana merchants. It’s clear that the marijuana industry is risky in business terms, but with legalization of medical marijuana in the state, the all-cash industry, can face many problems without a proper partnership with the banks.

Banking has been a major issue for the industry, but in Colorado, the marijuana industry is thriving and a well functioning banking partnership must be had to reduce crime and corruption. With the continuing battle with public health and public safety concerns, the marijuana industry has shown that the legalization laws are working. Taking into consideration from health officials, industry, law enforcement, and community members, the marijuana industry has surpassed all doubts and has shown beneficial economic growth for the state of Colorado.

No matter how banks see it, the marijuana industry has shown positive light to the right people. Marijuana merchants can know that they are safe as long as they abide by state laws. For marijuana merchants, it’s a good time to expand cash-only payments and allow processing credit and debit card purchases. can help you set up a marijuana merchant processing account. They have industry knowledge and cater to all the necessary needs of the marijuana merchant.

The all-cash industry is restrictive and is slowing down the potential of larger sales. Accepting debit and credit cards will reduce robberies. As medical marijuana sales continue to show positive growth, a comprehensive banking reform should be made for the necessary marijuana industry.

For Marijuana Payment Solutions contact us today!