Category Archives: Marijuana Industry

Yet Another Bank Backs Out of the Medical Marijuana Industry

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imgresWith federal regulations being so strict in the medical marijuana industry, it’s incredibly difficult for marijuana businesses to work with banks. This leaves them with few choices such as dealing with cash transactions only. This comes with several complications and reduced profits.

The First Security Bank of Nevada has been working in the medical cannabis industry for over a year and has just recently decided to back out of the industry. With incredibly strict federal regulations, it was more a burden than it was profitable for them, causing them to exit the business before losing any more money.

Although over 23 states in the US have legalized the use of medical marijuana, the federal government is making it increasingly difficult for banks to work with dispensaries. With such foggy regulations and complex paperwork, most banks that are actually willing to attempt working with the industry find it to be more troublesome than it’s truly worth.

Medical Marijuana Payment Processing

When dealing with cash only, many risks arise. One of the biggest risks is transportation of the funds. Although most dispensaries work with high security transportation businesses for carrying the cash, some are still not capable of affording such a luxury. This makes cash transportation extremely risky.

Another downside is loss in profits. Not every patient can pay in cash, causing many patients to avoid buying medical marijuana altogether.

Fortunately, medical marijuana payment processing solutions are available. With high-risk payment processors such as MMA, dispensaries can in fact work with offshore banks to deal with transactions. Not only does it allow these businesses to increase their profits, but it also adds incredible amounts security.

Getting a medical marijuana payment processing account allows dispensaries to accept credit card payments and use the profits other than in cash only. It essentially allows marijuana businesses to experience the same amount of comfort as any other business.

An additional benefit is that merchant processors such as MMA provide merchants with mobile card readers. With most medical cannabis patients being quite ill and unable to physically go to dispensaries with ease, this is a huge perk. It provides dispensaries with the ability to make home deliveries. Getting a high-risk merchant account is the best solution available at the moment and far surpasses dealing with cash transactions only.

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

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Banks Remain Cautious When Dealing with Medical Marijuana Deposits

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Geschftsmann, Balance, Seile - IllustrationMedical marijuana is definitely becoming a more mainstream discussion with over two dozen states legalizing its use. However, it still remains illegal on a federal level, making it incredibly difficult for medical cannabis businesses to push forward. Dealing with banks is nearly impossible since no bank wants to deal with the risks of federal legalities. This leaves cannabis businesses with very few options.

A cash-only way of business remains the most common way for marijuana businesses to accept payments. This requires patients to physically go to marijuana dispensaries and pay in person, which is often difficult for patients who are dealing with life-threatening illnesses.

At the moment, roughly 200 banks in the entire USA are willing to work with cannabis businesses. This is an incredibly small amount, especially when you consider how complicated it is to get accepted to begin with. However, for a medical marijuana business to push forward and make a considerable amount of profits whilst increasing customer satisfaction, being able to accept credit card payments is a must.

Medical Marijuana Payment Processing

Some merchant processors such as MMA work with offshore banks that specialize in getting marijuana businesses approved for merchant accounts. These merchant processors make it easier than ever for cannabis businesses to accept credit card payments and increase their profits. Not only does it allow medical marijuana businesses to increase profits, but it also allows for a greater amount of customer appreciation.

Most medical marijuana patients are suffering for intense illnesses that make it nearly impossible for them to leave their homes. With medical marijuana payment processing, you can often benefit from a mobile card reader, allowing you to make home deliveries.

This is without a doubt, a game changer in the world of medical marijuana sales. It provides businesses in the marijuana industry with the ability to accept payments online, to get paid via credit cards in person and even make home deliveries. It also allows cannabis businesses to step into the 21st century and move out of the cash-only way of doing business.

As time goes on, these medical marijuana payment processing options will grow. With the potential to accept payments online comes the ability to make payments through mobile phones and even tablets. The options are limitless, and medical marijuana will become easier to get for patients than ever before.

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Top 5 Things to Avoid in the Marijuana Industry

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medical marijuana payment processingOver the last few years, there has been a lot of chatter and legislation about the marijuana industry. As an increasing number of states have decriminalized marijuana, more companies that grow and distribute the drug have cropped up. But as with the growth of any legitimate enterprise, there has been an increase in the number of scams and amateur organizations that have given consumers misinformation about marijuana and have fleeced new marijuana enterprises.

Marijuana Real Estate Agent – Agencies locating commercial properties for marijuana growers has become a new niche. Unfortunately, very few realtors are to be trusted, nor do they know state and local laws relevant to commercial cannabis use. Sometimes realtors act as advocates for marijuana businesses, but their goal is really to gouge as much money out of cannabis tenants as possible.

Publicly Traded Companies – Beware of investing in publicly traded cannabis companies. Very few of these companies are profitable or clean. Do extensive research before handing over money to management companies.

Management Companies – Many marijuana merchants have a difficult time running their businesses because traditional financial institutions refuse to supply them with merchant accounts because of liability issues. As a result, some organizations become desperate and run their money through a management company to set up their bank account. This strategy is dangerous and criminal, as banks often eventually realize their accounts are fraudulent. This discovery can lead to federal charges of laundering.

Find the Right Representation – Do not hire criminal lawyers to be marijuana business lawyers. These are two completely distinct areas with different processes. One is settled in court and one is typically done in a business setting.

Be Wary of Regional Trademarking – Your brand is your most precious commodity and must be protected. Too many lawyers are claiming that your trademark will carry and be lawful in other states. This is not true. To be assured that you are protected anywhere, apply for a federal trademark for your marijuana products or a state trademark.

Don’t resort to tricks, illegal activity, or leave your business in the hands of amateurs or crooks. The experts at MMA can provide comprehensive marijuana business funding, account management and more. We have been helping legally operating marijuana merchants with payment processing for over 10 years.

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Legalize Marijuana? Former DEA Agent Now Says Yes

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DEAProponents of the mixed debate to have recreational marijuana legalized in the US state of Arizona have got a shot in the arm from an unlikely source. A former special agent of the state’s Drug Enforcement Administration who spent six years of his career convicting felons of the act of using marijuana now says the use of the drug should be recognized.

The officer who served as the DEA’s New Mexico and Miami Marijuana Coordinator has now gone vocal in favor of a legislation that would orchestrate a complete free program of recreational marijuana in the state of Arizona.

From his several years spent fighting the use of illegal drugs including marijuana, the former law enforcement officer has had a change of thought arguing that he had time enough to see injustice in the system. He has faulted the law against marijuana saying that it has destroyed the lives of many young and brilliant persons.

The agent who is currently a member of a movement known as Law Enforcement Against Prohibition (LEAP) has argued that as an officer he was bound to do things he did not personally agree with. In his position he had to enforce the law as that is what his job demanded. So he had to put up with some hard times in the job. His about-face is seemingly his way of righting the wrongs he might have unwillingly stood for. The strict marijuana laws, according to him, have ruined lives and so need to change.

The use of marijuana is widespread in the United States among teenagers and the youth or young adults.  Annual surveys in the country concerned with the drug use have indicated a rising trend in the use of this drug despite the very strict rules against the cannabis sativa.

Students in their early grades are found to be addicted to the drug. Those who are caught face the full arm of the law and get their lives at crossroads. These are some of the concerns that have been dominating the debating platforms where contenders are pushing for the legalization of the drug in the country.

Some strong arguments for the legalization of marijuana are supported by the medical side of the weed. These people wonder why the state would spend so much cash on medicinal drugs every fiscal year yet a powerful drug like marijuana whose health benefits are well known remains prohibited.

Now it remains to be seen if the proponents of the legalization of the recreational marijuana will have their way. If this happens, the impact of the legalization is likely to be felt in the nation’s economy and dealers will have to contribute taxes through their marijuana payment processing systems. At the end the nation’s economy will directly benefit from the drug.

If your dispensary needs Marijuana Payment Processing, contact us today.

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Legal Marijuana Industry Sheds Light on Its Long Illegality

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Medical Marijuana Payment ProcessingMillions are locked up every year for drugs in the United States, and a big percentage of those are for marijuana possession, usage, or manufacturing. The rush of states to legalize pot have made many wonder what happens to those who were locked up before its legality. The green brings pleasure to many and cash to some, and while the Feds still outlaw it, the rapid legalization of states may soon turn the tide on what once was a promising war on drugs.

Legal or not, there will always be pot smokers. The states that have legalized marijuana for recreational use (such as Colorado), and the states that have turned possession into a simple ticket (New York) are setting the stage for the rest of the United States to bring leniency to the users to the drug. What separates marijuana from drugs such as ecstasy, cocaine, and heroin, is that marijuana is grown and dried, with the majority of the time no additives. No processing other than sunlight, and no kitchen chemicals. While the new legality in many places should affect the prison sentences of pot dealers, traffickers, and users, it more than likely will not. In the early 2000s, Congress passed laws to bring leniency to crack cocaine prison terms. This change did nothing to tens of thousands who were already incarcerated for the crime, and the same will probably happen with marijuana.

However, these new legalization’s make it a great time for a merchant to hop onto the medical marijuana bandwagon. Twenty-three states, plus Washington DC, have legalized medical marijuana, and others, such as Colorado and Georgia has legalized medicinal cannabis oils for certain chronic and terminal conditions. This is a rewarding industry, and it can be lucrative, as well. While rewarding and lucrative, it can be a pain in the neck to file a reputable medical marijuana payment processing account. Luckily, it can be done if you do your research. One of the top-rated over the last 10 years is MMA. Ten years is a long time in any business, and the knowledge of MMA’s staff can help you get the right foot in the door with the local governments to ensure your medical marijuana business is not only following the laws, but also following payment processing mandates, as well.

Contact MMA today!

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Understanding How to Operate Under the CA Marijuana Law

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Marijuana Business FundingAre you one of the many individuals in the state of California in need of marijuana for medical use? If you are, there are key aspects of California law that you should know. While the medical use of marijuana is legal, the recreational use, possession, and cultivation of marijuana is very much illegal. You must not only understand California law, but also federal law and your rights.

The fact that marijuana is still illegal on the federal level continues to be the biggest obstacle for those who need to use marijuana for medical purposes. The Drug Enforcement Administration (DEA), lists marijuana as a Schedule I drug along with other drugs, substances and chemicals that are considered the most dangerous along with having no currently accepted medical use. This means that even though medical marijuana cultivation was legalized in 1996, it is still technically illegal on the federal level.

According to California law, the possession of one ounce of marijuana or less is an infraction with the possibility of a $100 fine. Larger amounts can mean fines of up to $500 and six months in jail. If you are found to be in possession with the intent to sell and/or cultivate, it can lead to a possible state prison sentence since both are considered to be felonies.

The best thing you can do for yourself is to educate yourself on your rights. For example, if authorities find that you have baggies and scales then there is evidence of intent to distribute. Instead of looking at a simple possession misdemeanor, you might now face prison time. In addition, if you are located close to a school or near children, your punishment will be much worse.

When growing for medical use, you will have an easier time proving that it is for medical use if you grow a number consistent with your needs. If you are caught with 300 plus plants, for example, this will immediately appear excessive for one individual’s medical use; thus, you may be charged with a felony. However, if you have a large group of people and you can show that it is a more reasonable count of ten plants per person, your grow may be declared legal under California law.

While the medical marijuana industry continues to grow at a rapid pace, there are still many obstacles for those who have startups in the industry; the conflict between state and federal law being a major one. The following tips should help you to be prepared for worst case scenarios while also providing safe solutions to your business needs. Keep all of your “I”’s dotted and your “T”’s crossed.

First, be sure to secure the services of a lawyer who knows cannabis and medical marijuana laws. They can provide answer to any questions you might have as well as assist you in operating your business in compliance with state law.

Second, consider securing marijuana payment processing. This option will provide you with safe and hassle-free payment processing solutions when traditional lending sources shy away from you due to the “high risk” nature of the medical marijuana industry.

For Marijuana Payment Processing contact us today!

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Marijuana Can Cure Cancer, But Congress Still Won’t Act

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brain-studyThe National Institute on Drug Abuse (NIDA), may have come out in support of certain chemicals in marijuana to treat cancer cells. A new study by St. George’s University of London, found that the two most common cannabinoids in marijuana, cannabidiol (CBD) and tetrahydrocannabinol (THC) have the power to weaken cancer cells, thus making them more susceptible to radiation treatment. The study showed a drastic reduction in fatal brain cancers when the cannabinoids were introduced along with radiation therapy, a revelation that many marijuana advocates say gives the federal government another reason to loosen its control over marijuana legislation.

Scientists of the study state that the initial results of the study are promising. They believe the cannabinoids have the potential to provide a breakthrough for the treatment of glioma (tumors). While the ability of marijuana to treat health conditions is common knowledge, it is surprising that a government entity would back a study supporting the use of marijuana for cancer treatment. While the U.S. Food and Drug Administration (FDA) does not recognize the marijuana plant as a form of medicine, it has approved two medications that have cannabinoid chemicals in pill form.

Right now, marijuana is listed as a Schedule I dangerous drug underneath the Controlled Substances Act. NIDA’s supposed support of marijuana as a legitimate treatment of cancer, comes after the introduction of the CARERS Act which wants to downgrade marijuana from a Schedule I status to a Schedule II. This would make the drug more acceptable to the federal government as a form or medicine. The bill would also take away cannabidiol, the non-intoxicating compound found in the pot leaf, from the Controlled Substances Act. This would allow it to be distributed across the U.S. without violating federal statutes.

Despite the recognition of marijuana’s medicinal worth and its ability to kill cancer cells, Attorney General Eric Holder has not made changing pot legislation a priority. Marijuana health advocates fear his position will be unchanged, even in the wake of this latest revelation.

Even though the NIDA has recognized the medicinal value of marijuana, many marijuana merchants still can’t find competent recreational or medical marijuana payment processing. However, there are some experienced online payment processors like MMA that specialize in providing marijuana business funding. Learn more about expanding your customer’s payment options with debit and credit cards.

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