Dispensaries are teaming up with Hospitals and Universities

Posted on June 26, 2014 by admin

Medical marijuana dispensaries are gearing up to team with hospitals and universities, in areas where medical marijuana is legal. This is fantastic for patients who would rather rely on the natural benefits of medical marijuana rather than pills. While this is not yet set in stone, it represents a great opportunity for those who are interested in being medical marijuana merchants.

Medical marijuana dispensaries are not only helpful to the community, but they can also be lucrative. There is a high need for these businesses, yet many are hesitant to invest in these businesses due to many factors, from ever-changing regulations to difficulty finding an account processor. While there is very little that the public can do about the fast changing regulations, there are options available to those who are having a hard time locating a willing bank to provide a merchant account for their medical marijuana business. One of these options is marijuana-merchant-account.com.

Marijuana-merchant-account.com, or MMJ, is one of the top marijuana merchant account providers in the United States. We have over 10 years of account and processing experience within the medical marijuana industry, and we know the hassles that can come with the fast-changing regulations. We will keep you abreast of new and changing regulations, so you can help your business, and customers, stay on the right track. We offer top of the line security, software, and terminals to help keep your company safe and secure. In additional to traditional terminals, we also offer wireless, more streamlined terminals, which is great if you have a small workspace. Regardless of the size of your business (or prospective business), MMJ is here to help you.

Medical marijuana dispensaries are gearing up for partnerships with hospitals and universities. While these agreements are not set in stone, they are promising to medical marijuana users and merchants. This is the perfect time to consider operating a medical marijuana business, and your first step should be locating an experienced and reliable medical marijuana merchant account provider. You should look no further than MMJ.

For more information, click below and get started today!

Marijuana Merchant Accounts in Limbo as Health Canada Struggles to Process Applications

Posted on June 11, 2014 by admin

Health Canada is in a bind. The department responsible for overseeing the processing of medical marijuana applications has received 858 of them as of May 2014, and new applications are coming in at a rate of 25 per week. This is in stark contrast from September of last year, when Health Canada only had 156 applications to sort through. However, the number tripled by the following February, then doubled in 3 months. So far only 13 licensed suppliers have been approved and listed on the department’s website as an authorized marijuana dealer for patients seeking cannabis for pain and other symptoms, per their doctor’s recommendation.

On April 1^st, Health Canada radically changed the rules of the medical marijuana industry as they shifted the marijuana industry from a group of thousands of individual growers, loosely regulated, to a commercially competitive sector. So far prices have been set by the free market and Health Canada has imposed no limits on the number of sanctioned indoor cannabis farms one grower can have.

As a result, what began as only a few applications per month has turned into a flood of marijuana merchants eager to capitalize on the booming market. According to a spokeswoman for Health Canada, of the 858 applications, 370 were returned as incomplete, 149 were denied, 30 were rescinded, and approximately 300 are under review.

The backlog of applications is starting to frustrate prospective medical marijuana owners like Uma Syed, president of Toronto-based CannMart Inc. “They’re really an unfortunate bureaucracy under siege,” he says. “They’re dealing with a situation they weren’t prepared for….there’s something really out of whack. We’re all dressed up and nowhere to go.”

Despite applicant frustrations, a second Health Canada spokesperson said that the agency refuses to fast track the review process, which includes a rigorous file review, review of personnel security, site inspections, records-keeping, equipment, and quality control specifications. Health Canada has also been slowed down by several lawsuits that challenge the new process.

Meanwhile aspiring medical marijuana business owners find themselves stuck between an overwhelmed regulatory agency, and the likelihood of a once in a lifetime business venture that will produce a lot of green.

At http://marijuana-merchant-account.com/ we are your number one online source for marijuana merchant accounts.

We offer a suite of marijuana payment processing options that allows your marijuana merchant account to accept a variety of payments including checks and credit cards. Don’t wait to expand your customer’s payment options.

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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.

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Traditional Payment Processing Services Freeze Out Medical Marijuana Merchant Accounts

Posted on April 25, 2014 by admin

Medical marijuana is legal in 17 states and in the District of Columbia. However, federal law does not recognize marijuana dispensaries as legal operations. As a result, medical marijuana dispensaries are being blocked out of banking services. The Huffington Post reported that Wells Fargo recently denied banking services to a Colorado medical marijuana company. “The complex, inconsistent legal environment relating to medical marijuana dispensaries, Wells Fargo has opted not to bank these businesses,” said a representative of the bank.

As major credit card processors like Discover and American Express have decided to not engage in marijuana dispensary payment processing services, other payment processing organizations have also used the ambiguous legal environment to refuse processing services to legal marijuana dispensers. Recently VISA and Mastercard announced that they would let individual acquiring processors decide if they would process marijuana merchant accounts. As a result, large payment processing company, Electronic Merchant Systems (EMS) told its customers last summer:

“In light of recent developments, we wanted to reach out and make you all aware of the latest news regarding Medical Marijuana merchants. Effective July 1st, 2012, MMJ merchants will no longer be able to accept Visa or MasterCard credit or debit cards.”

Traditional Banks

The freeze out by traditional banks and major credit card processors has forced the medical marijuana industry into a “cash only” industry, where customers are forced to carry large sums of cash like criminals to dispensaries. Despite these setbacks, some payment organizations have found creative ways to manage marijuana merchant accounts through payment cards where consumers perform in-person transactions via a PIN-based terminal. The transaction is then processed as a cash withdrawal using a debit card or cash advance.

marijuana-merchant-account.com has easy payment processing solutions for retail and delivery dispensaries. Don’t leave your patients vulnerable to robbery or make them feel like criminals, by having to carry large amounts of cash to purchase their medication. Our services let your patients donate at the point of sale using a credit or debit card and a PIN number.

The transaction will only cost patients a small convenience fee ranging from $0.99 – $2.00. We offer debit card, credit card, and savings account services. Our retailers choose us for their marijuana merchant accounts because there are no discount rates, interchange fees, or processing fees.

Our MMJ delivery services also offer electronic payments on the go. Patients simply swipe their card, enter the PIN using a PCI compliant device and access their funds for donation to Medical Marijuana merchants.

It’s just that easy! Contact us at: 1-800-466-1809 to set up your marijuana merchant account today.

Marijuana Sales Set to Grow Five Fold in Five Years

Posted on April 15, 2014 by admin

The marijuana business factbook has released data that alleges that the marijuana industry is set to boom. It published figures that purport an increase of five-fold in a five year time frame. This growth quantified will be an increase from an estimated $2.2-$2.6 billion in the current year to $7.4-8.2 billion by 2018. These figures include both medical and recreational marijuana sales. They also account for the addition of an estimated four to five more states passing legislation for medical and/or recreational cannabis usage.

While figures for this year are exactly in line with predictions the lift that is predicted in sales by 2018 is due to the passing of the Cole Memorandum in August. The memorandum by the Federal Department of Justice simply claims a hands off approach to the marijuana industry, though local and state regulations must be adhered to and oversight must be strict.

After this statement from the Federal Department of Justice estimates have increased though it has been noted that they are still quite conservative. The estimates do not account for wholesale cannabis sales nor the multiple ancillary ‘cannabusiness’ and their revenues such as equipment, real estate, etc. It also doesn’t account for the future of marijuana payment processing which is set to expand largely as currently cash is the only method of payment accepted in dispensaries. All of these factors could potentially account for billions more in revenue. Additionally with the predicted addition of four or five more recreational states and two or three medical cannabis states sales will skyrocket.

Currently recreational marijuana sales are legal in merely two states. Though with the predicted additions of four to five more states, 2018 is likely to be the first year that recreational marijuana sales match or even exceed medical marijuana sales in the United States.

None of the figures or estimates include the black market sales of marijuana. It is estimated that the black market has sales figures that are close to $40 billion. This illustrates far reaching potential for the industry beyond 2018. Another note on the future potential of the medical or recreational marijuana industry is that many consumers who currently use the black market have indicated that they would willingly change to a legal dispensary or marijuana supplier when it becomes available in their area.

How to finance your medical marijuana business

Posted on November 8, 2013 by admin

With more and more states emerging as potential cannabis markets, many entrepreneurs are now interested in starting their own medical marijuana business. As the industry is growing rapidly, many new small business owners who are looking to capitalize with the new market are asking the same key question, how much capital they need and how to finance their medical marijuana business?

According to a few estimates, you may need $15k to $100k to start a medical marijuana business application which will grant you the license to legally do so. Consultants and law firms are charging more and more money as more people become interested in getting a license and starting their own Marijuana business. This indicates that obtaining a license, setting up a website, getting a marijuana merchant account, a shop and going through documentation and legal complications may require a good amount of capital for starting.

So how can you raise funds to finance your medical marijuana business when the banking sector is turning more hostile towards medical marijuana industry due to legalities involved as medical marijuana is still illegal under federal law?

Options for funding your Medical Marijuana Business

Private Investors

With absence of the banking sector, private investors are a great source for funding your business, but it can come at a high cost. With no other alternates available, private investors are charging as high as 25% in interest rate. This rate is often not healthy for sustainable business especially for the medical marijuana industry that also has to pay unusual high federal taxes.

Angel Investing and Venture Capitalist

The other option to get funds is finding an angel investor. In this case, a rich doctor or a successful entrepreneur who agrees to invest in your business by sharing the equity of your business.

Finding a venture capitalist who can invest money in a promising business by sharing the profits is another option. This way, merchants can save the high interest rate, but they need to share the percentage of their business with their investors. The medical marijuana business is doing excellent in terms of profits and growth in states where it is legal, so finding a good angel or venture capitalist is not difficult if you know how to connect with them. A good option is to visit your local business chamber and connect with some of the angel organizations.

According to Adam Bierman, CEO of popular dispensary consulting firm, one pound of pharmaceutical grade marijuana costs $1000 to produce but it sells at $7,500 retail price. This indicates that the huge margin of profit in the medical marijuana industry can lure in big investors easily if you know how to sell your business plan. According to estimates, the $1.5 billion industry in 2013 will expand to $3.3 billion within next two years. With more than 100% promising growth in just next two years, investors are rushing in but you need to make sure that you are finding the right investor with affordable interest rates or favorable equity sharing.

Is your bank unsure if they can do business with your Medical Marijuana Merchant Account?

Posted on October 21, 2013 by admin

Even though, it is perfectly legal to sell online medical marijuana for dispensaries in 18 states of the 50, federal laws are still against the use of marijuana even for medical use. The confusion around federal and state laws related to the use of medical marijuana leads many banks to discontinue their banking services to MMJ dispensaries and potentially put the entire industry on financial risk. Many big banks avoid confrontations with the federal authorities and turned hostile towards the medical marijuana industry the last few years.

It is a common problem with medical marijuana dispensaries to switch banks frequently due to the hostility of banks and their ever changing demands for providing financial services. The uncertainty of banks towards providing financial services to medical marijuana dispensaries created a financial risk for the entire industry that otherwise are doing excellent in terms of bottom line. Due to new scientific research related to medical benefits of marijuana and awareness in masses about marijuana as a medical cure for a number of medical conditions, the demand for medical marijuana in United States is more than ever.

Even though, there is high demand for medical marijuana, financial services and frequent account discontinuation from banks make it hard for medical marijuana dispensaries to allow credit card payments on their websites. Beside the fact that all major banks and other financial institutions are moving away from the marijuana industry, the online medical marijuana merchant account providers are keeping the industry alive at least online. Websites like marijuana-merchant-account.com provide specialized MMJ payment processing solutions to medical marijuana dispensaries that allow them to make online payments as an option for their customers on websites.

In the absence of banks and other financial institutes, many online merchant account providers like marijuana-merchant-account.com step up to provide the required financial services to the industry, Today, there are hundreds of websites that provide medical marijuana merchant account to dispensaries. Most Merchant Account providers categorize MMJ under the high risk category and impose special terms and conditions. With major banks and credit card processing companies pulling back, online merchant account providers provide many creative and innovative channels to keep the online finances flowing for the MMJ industry.

Marijuana-merchant-account.com are popular for their specialized online processing solutions for high risk industries like medical marijuana. They have providing online financial services to medical marijuana dispensaries and other high risk business since 2011. Their solutions help you choose from the pocket full of processing methods that are legal for the industry. Dispensary owners now have freedom to choose from the set of processing methods that best suits their interests and financial goals. To set up your medical marijuana merchant account with the company, you can visit their site and talk to their customer support staff that can guide you about all the legal issues involved and best possible ways to go around them. Marijuana-merchant-account.com is the sister company of eMerchantBroker.com that is designed to provide exclusive services to the medical marijuana industry.

Breaking the Taboo: How to Get the Right Medical Marijuana Merchant Account

Posted on October 8, 2013 by admin

Getting a merchant account for your medical marijuana dispensary business has been an issue for growers and sellers of the past. Not anymore. Just search online for a merchant account for medical marijuana and it will take you to the sites that will get you the high risk merchant account you need, including us, here at marijuana-merchant-account.com.

Just take the time

Sellers of this Medical Cannabis have a hard time getting a medical marijuana payment processing account because of the legalities and the ‘on the go’ status they have had in the past. But with the increasing legalization of the product, many merchant account servicers are changing their minds and willing to jump into the ring of profits. Slowly, the realization of the farce that has occurred with this herb is coming to light, and the states are changing how they view it.

Look it up

If you are a medical marijuana seller, take to the internet and search for merchant account servicers that are willing to help you with your business. There are more out there than you think. Take in all the information that they provide and ask questions. They have a lot of options for you and all you need to do is access the information.

Your search

You will need to type something in along the lines of “merchant account for medical marijuana” and see what comes up for you. Your options will be many.

Check out

Take the time to compare the sites and the per transaction fee. Find out if you are going to have an annual fee to pay and what it will be per month for your account. Always look to see if you are going to have any hidden fees and don’t be afraid to contact them. A lot of the merchant account servicers have a ‘live chat feature’ and they would be very happy to help you out.

Better, but still touchy

The medical marijuana market is still on the touchy side, but the stigma is desisting. As states begin to legalize the market is growing a little more stable for those of you that sell it. It will take time to grow out of the problem, in the meantime, take some steps to stabilize your business and help it grow.

No matter where your customers are coming from, they will need you market your product and make the payment system easy and effective. Good luck with you endeavor.

A step by step guide to setting up your medical cannabis merchant account

Posted on September 27, 2013 by admin

First and foremost, you need to know that when you set up your merchant account you will be in a high risk account. Don’t be too afraid of that. Most of the nation’s accounts with the merchant’s servicers are in the high risk pool. When you set up your marijuana merchant account, you will need to secure a servicer that is willing to do business with you.

1. Make sure your license is in place and you can provide proof of business when you sign up for your merchant account.

2. Find the best servicer on the market. Negotiate your fees.

3. Be prepared for obstacles and higher per transaction fees.

4. Notice that you have a high risk account

5. Be prepared for a hold back on every transaction for the first 3-6 months.

6. Look for someone that can get you a wireless credit card processor to process payments no matter where you go. You might need extra batteries and a wifi connection to get things working. Be prepared for that.

7. Follow the rules and all should work out just fine.

Due to the areas that medical marijuana clinics work, their connections have been unstable at best. There are now marijuana merchant account services ready to help take care of the challenges faced by these sellers. They have offshore banks ready and prepared to assist in the business practices of medical marijuana clinics and sellers.
Do your research to locate the best one for you and your business. Good luck with your endeavor.

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