California Moving Towards Public Banking for Marijuana Businesses

Posted on October 13, 2017 by admin

medical marijuana payment processing Too much money? Is that even a thing? For marijuana-related businesses, it is. They make a lot of cash, but have no way to safely deposit it at the bank like other businesses. Banks are subject to heavy regulations and are unwilling to offer solutions to the cannabis industry. Under federal law, marijuana is still a Schedule I substance – listed alongside heroine and LSD. As far as the Drug Enforcement Agency is concerned, there is no accepted medical use of marijuana and a high potential for abuse.

As a result, cannabis-related deposits are not federally insured. These business’ cash are also subject to seizure by the feds. To try to find some solution for these businesses, California is considering whether a state public bank could be the answer. With a projected $6.5 billion in revenue by 2020, the state is anxious to find secure processing options for this potentially very lucrative industry.

On August 10, state treasurer John Chiang met members of the Cannabis Banking Working Group. This meeting was arranged following Californians vote to legalize recreational marijuana, and the issue on the table was exploring bank access for cannabis businesses (or the lack thereof). California estimates that 70 percent of marijuana-related businesses are currently unable to secure the bank accounts they need.

According to Chiang, public banking is an increasingly popular idea for not just marijuana businesses, but others as well. The Great Recession of 2008 left many business owners dissatisfied with the private finance system in the U.S. If California successfully establishes a public institution, it would be run by local treasury officials and beholden to state taxpayers.

The only public bank in the U.S. (for now) is the Bank of North Dakota. This institution was established in 1919 when farmers were unable to secure loans through private banks under the federal system. Colorado and Massachusetts are also considering a similar solution to California. However, those brave enough to consider this option face many obstacles and risks and a complicated process. For example, marijuana-related businesses would still be unable to secure traditional marijuana credit card processing.

While many Californians are optimistic about the future, for now the safest options for marijuana-related businesses remain either in cash (extremely unsafe and impractical) or an alternative solution – like marijuana credit card processing from a high-risk provider like MMA. Depending on the business type, merchants can secure either a recreational or medical marijuana merchant account in as little as 24 hours.

Cannabis Industry Becomes Major Job Generator

Posted on July 25, 2017 by admin

hawaii-marijuana When it comes to the legal marijuana industry, many people assume it’s a small, struggling group of people. While it’s true that the industry has encountered many obstacles and likely has more to face in the future, you might be surprised to hear that the industry is a lot bigger than you previously believed. For example, if your living in one of the legal marijuana states, it might actually be easier for you to find someone to recommend and sell you cannabis than to find a dental hygienist.

According to Marijuana Business Daily, “Cannabis-related businesses now employ more people than there are dental hygienists and bakers in the United States and will soon surpass the number of telemarketers and pharmacists.”

The Bureau of Labor Statistics revealed that there are 204,000 individuals employed as dental hygienists. As of the beginning of this summer, the marijuana industry has 165,000-235,000 full- and part-time workers. Based on the estimates published in the newly released Marijuana Business Factbook 2017, this employment data includes retailers, wholesale grows, infused products/concentrates companies, testing labs and ancillary firms. Impressive, considering that the marijuana industry has only been operating legitimately for a few years (since 2009).

On July 1^st, Nevada joined the list of states that have legalized recreational marijuana. This makes them the fifth state – among Colorado, Oregon, Washington and Alaska – to open dispensaries to recreational users. California, Maine and Massachusetts also past recreational measures in November, but are still finalizing their rules.

This growth in the cannabis industry is accompanied by the expectation that the industry’s employment will boom as well. Over Fourth of July weekend in Nevada, for example, recreational legalization led to as many as 1,000 customers each day. Estimates from business intelligence firm, New Frontier Data, anticipate that the market for legal weed may create as many as 250,000 new jobs by 2020.

At the moment, the majority of the jobs in the marijuana industry are small businesses. The state-by-state nature of the marijuana industry has prevented many of these businesses from developing into large-scale enterprises that employ hundreds of people. For now, theses small businesses only require a handful of employees to maintain their daily operations.

Even so with the growth of the industry, these businesses struggle to find basic business services, like flexible business funding options and payment processing. With the high-risk categorization of the industry, most traditional providers won’t touch marijuana merchants. This is where alternative providers like Marijuana Merchant Account have stepped in to help. As a high-risk specialist, MMA specializes in providing these merchants with business financing and payment processing solutions.

The hope is that, in time, more and more providers will except cannabis merchants, considering that the industry could explode to $50 billion in the next decade.

Christmas in July, Nevada Celebrates Legalization of Recreational Weed

Posted on July 14, 2017 by admin

christmas Nevada has joined Colorado, Oregon, Washington and Alaska in becoming the fifth state to open dispensaries to recreational users. The celebration that took place with the legalization July 1^st at midnight included DJs, food trucks and long lines. State Sen. Tick Segerblom, the pro-pot legislator who backed both medical and recreational marijuana, was the first the make a purchase.

Scot Rutledge, who worked on the Regulate Marijuana Like Alcohol campaign, describes it as “It’s like Christmas wrapped into New Year’s. It’s surreal.”

Amid the celebrations, some are asking a lot of questions. How does Nevada plan to regulate and process recreational measures? It may be the state where gambling, prostitution and drinking in public is legal, but recreational marijuana is still a new frontier – even for Nevada.

So far, it appears that Nevada is several steps ahead of the other recreational states. California Maine and Massachusetts also past recreational measures in November, but have yet to finalize their rules. Nevada, on the other hand, has shared that it expects to collect $70 million for education in the next two years by taxing recreational marijuana at around 34 percent. Nevada’s medical program (protected by a recently passed law) will collect fewer taxes; this will keep costs down for sick individuals.

Now, under Nevada law:

Individuals 21 years of age and older are now able to buy and possess up to an ounce of flower, or an eight-ounce of concentrates (wax, shatter and oil) at a dispensary located anywhere throughout the state.
Purchases are to be made in cash with a valid ID
Driving under the influence is illegal
And products can only be consumed on private property with the owner’s permission (does not include hotels and casinos)

At the moment, only Colorado is working towards public consumption by allowing bookstores and yoga studios the opportunity to apply for permits. However, Colorado’s only obstacle appears to be indoor smoking bans, which is not the case for Nevada. Still, many are optimistic that lounges connected to Nevada dispensaries could open later this year.

In the meantime, merchants do have the challenge of operating in cash-only. Traditional providers are typically unwilling to work with the marijuana industry because of the risks involved. This is where alternative providers – like Marijuana Merchant Account – have stepped in and offered safe payment processing solutions and flexible business funding options. For now, those behind the push for the legalization of recreational marijuana are very hopeful that changes in the right direction will continue.

Marijuana Tax Facts for California

Posted on March 17, 2017 by admin

480007355 Marijuana is a big tax builder for California, and some new law changes can make it an even bigger tax booster. The tax in Prop 55 is not new, but is an extension of a temporary tax increase approved by voters in the last election when they voted for Prop 30. Prop 55 would extend that tax by 12 years, but only for Californians earning more than $250,000. It’s estimated the tax would generate between four and $9 billion a year for public schools, and $2 billion dollars a year for health care for low-income patients.

So, that’s good right? Right, but it could be more. And with more legal issues in the way it could be a long road before the numbers are met. However, it can be met with a major blow to another filter-tipped friend: The cigarette. Prop 56 would also help fund the state’s Medi-Cal program by hitting cigarette smokers where it hurts most – their wallets. The measure proposes increasing the tax on a pack of cigarettes from 87 cents by $2 to $2.87. So, it could be adding tax revenue to the state and help curb smoking.

But let’s be real: It probably will not totally cut out cigarette smoking. The cigarette tax in NYC is over $4, and people still buy them. But, legalized marijuana is a whole other game. Not only is it for those who want a stress reliever, but it is also for those with medical issues who want a natural remedy. And pot seems to be a great natural remedy.

Merchants still need to be careful, because even if these taxes are totally enacted, there will be even more strain on marijuana businesses. You need to make sure that your business is following the state laws, county laws, and city laws as they relate to your business. You also need to make sure that you have a marijuana merchant account provider that understands your industry. This not only can help save your business from violating any laws, but it can help it from losing money from a merchant account provider who doesn’t know how your industry works.

Tips for Hiring Marijuana Dispensary Staff

Posted on October 8, 2015 by admin

All shops need staffing. From automotive shops to doll shops, and yes, even pot shops, good staff makes all the difference in keeping business and losing business. In our social media-driven world, one bad review can topple your business, thanks to Yelp and other review apps and websites. However, if you operate a high risk shop, such as a pot shop, finding good, reliable staff can be hard. Many times, those interested in working are interested in the goods, which may seem like a good idea. However, if all your employee wants to do it smoke up on a break, this can bring bad vibes to your business. You need someone who knows about the product, but is also professional.

Actually, one of the best things that you can do is not to rely on those who come to you. Advertise, ask around, and get the word out about your budding business. Don’t just rely on those who keep up on the local pot shop news, but advertise to those who are looking for traditional retail jobs. More than likely, these candidates will have more experience, and are looking for a retail job – and not strictly a job in a pot shop. Another genre that you should search out are food service workers. These workers are experienced with food safety, which is set to be a major player in the pot shop industry.

Also, do not skimp on training. Even if your employees have previously worked in pot shops, you need to go over training for your business. Every business is different, and you need to make sure that everyone is on the same page. From product to sales to marijuana merchant account services, your staff needs to know what is going on with your business. Training can be tough and long, but it is well worth it for your business.

Pot shops are lucrative, but one bad review can ruin your business. You need to be sure that your staff is right for your business, and that they are properly trained. It doesn’t take much more than time and dedication to ensure that your business booms in no time.

Contact MMA for marijuana merchant account services today!

With Great Cash Comes Greater Struggle

Posted on February 19, 2015 by admin

When you legalize an industry that has been illegal for too long, the changes to the business landscape of such a change are plenty. This is the case with the marijuana industry, whereby an increasing number of business opportunities are emerging, with people using their imagination to come up with new ways to capitalize on this opportunity.

As per the 2010 Cato Institute paper The Budgetary Implications of Drug Prohibition, the potential size of this industry is in the region of $14 billion – a staggering number for an industry that is expected to grow further and become even more colossal.

As you can see, the prospects of marijuana businesses are certainly on the high. The competition is relatively low, and there are still unexplored areas that creative businesspeople can make the most of. So if you are one of many people who are unable to resist the lucrative charm of this newly legalized industry, there is little reason for you not to go for it. The cash is good, and the there is no lack of ways that this cash can be made.

However, and this is a major however, banking services and other financial institutions haven’t quite embraced this industry as yet. Despite its legalization in several states, the federal government still considers marijuana as an illegal narcotic. The result? Your business is considered high risk, and most financial institutions steer clear of any opportunity to allow you loans or do business with you of any sort.

But, this isn’t your biggest challenge. Your biggest challenge, instead, is getting access to a merchant processing account, without which you are unable to accept credit card payments. It’s almost like a treasure chest right in front of you that you can’t touch. So much cash, and at the same time, so much struggle too. Every business needs a merchant account, but what you also need here is a provider who actually understands you, your business, and its needs. This is what we, at marijuana-merchant-account.com, do best.

At marijuana-merchant-account.com, we are dedicated to getting you the best marijuana payment processing services around, allowing you to immediately start accepting credit cards and making the most of this opportunity. We know the story behind this apparently controversial business of yours and therefore, address all the issues and provide you with just the merchant processing services you are looking for.

All you have to do is reach out to us, and you will be reaping benefits of this emerging and extremely lucrative marijuana industry in no time. At the end of the day, you retain the cash part, while we deal with the struggle. Win-win.

Why Marijuana Shouldn’t Be A Big Deal

Posted on February 19, 2015 by admin

Few things are as controversial and under the debate as the legalization of marijuana. Quite recently, Republicans have tried to form a case of medical marijuana, claiming that the use of the plant should be allowed to treat epilepsy patients. The problem, surprisingly, emerges from a specific characteristic of the cannabis plant. Yes, you guessed it right – the problem policy-makers apparently have with marijuana is its virtually harmless ability to give you a high. Ludicrous, no?

Now this is a little confusing. What about the likes of Xanax and Ativan? What about other prescription pills? What about alcohol? All these are legal because they serve a purpose that outweighs any negative aspect, right? The question, therefore, to be asked is that when such purposes for marijuana are being found, why the hypocrisy?

No one seems to be worried about the buzz that generates from alcohol and the accidents it continues to cause on a daily basis, or how these prescription drugs help you take the edge off. However, when it comes to marijuana, hypocrisy echoes the arguments that favor its prohibition. It is confusing at best, and the arguments that champions of its prohibition present are starting to seem shaky. An example of this is the legalization of this once illegal narcotic in a few, if not all, states.

Truth is, Republicans are pushing for medical marijuana and there seems to be nothing wrong with that. If patients can escape countless hours of suffering at an expense of a little buzz, how is this possibly a bad deal? Moreover, the benefits are not just limited to curing diseases, but this potential legalization also poses a very viable business opportunity for an unexploited niche. Imagine the benefits to the economy.

While selling medical marijuana can certainly be a lucrative venture, it is not without its problems. The biggest issue is that even if you have the legal certification, you will struggle at the hands of different financial institutions, as they will look at your business as a high-risk one. This would mean that you would be left without a merchant processing account, leaving you unable to operate as you will not be able to accept credit card payments.

At marijuana-merchant-account.com, we come to your aid, understanding your business and providing you with the best medical marijuana payment processing services. We are on your side of this debate, and therefore, don’t turn our back on you. If it is a merchant processing account you need, you are in safe hands with us.

As soon as you sign up with us, you can start accepting credit card payments, set your business in the right gear, and start making the most of this newly emerging business of legalized pot.

For Marijuana Payment Solutions, contact us today!

Minnesota Chooses Who will have the First Coveted Grow Licenses

Posted on December 19, 2014 by admin

On May 29th, Governor Mark Dayton signed a bipartisan medical marijuana proposal that made Minnesota the 22nd state to exempt certain sick individuals from receiving penalties for using marijuana with a doctor’s certification. The medical marijuana laws are strict in that they prohibit smoking of the drug; it can only be consumed via a manufactured pill or in oil form.

Other steps for the industry have been taken in the state of Minnesota. The grow licenses for the state have become extremely coveted. On the first of December, Minnesota’s state Department of Health handed out the grow licenses to LeafLine Labs and Minnesota Medical Solutions (MinnMed).

LeafLine is operated by the owners of Bachman’s Floral Gift and Garden Centers in Minnesota. MinnMed works with People’s Choice Medica which is a cannabis consulting firm based in Denver Colorado. Both companies will be providing services to 5,000 patients in the state of Minnesota.

Ten hopeful producers had been awaiting the decision of who would be lucky enough to receive the licenses for the state’s first two legal producers of medical cannabis. The material grown by these two producers will be sold in “distribution centers”. However, before more dispensaries can be built throughout the state, these companies will have to win the approval of locals. If all goes well, Minnesota’s medical marijuana patients will have access to these product by July 1st.

At the moments, the companies have the huge task of developing new, massive grow facilities for their up and coming businesses. As the state continues to become comfortable with idea of the industry moving in, more opportunities will be opening up.

Business will need to have safe payment processing options. The industry is still considered high risk, so the need for safe, secure and legal options is even more important. High risk marijuana merchant services with Marijuana-Merchant-Account.com allow you to offer your patients means to pay with their credit card, debit card or savings account. Take advantage of their payment processing solutions for both retail and delivery dispensaries.

Contact us today!

The Tobacco, Pharmacy, & Alcohol Industry Trying to Enter The Marijuana Industry Might Just Be a Good Thing

Posted on November 21, 2014 by admin

Here comes the new kid on the block. Her name is Marijuana and she’s oblivious to the other guys on the street. She just wants to say hello and be accepted, but Tobacco, Pharma, and Alcohol don’t see a friend, they see competition and they want a piece.

Sales have declined for the Big Tobacco industry rapidly as living healthy lifestyles has become a trending concern. To compensate their losses, the tobacco company is taking notice of the burgeoning marijuana business and want to incorporate themselves into the business to get a piece of the pie. It goes same for the pharmaceutical and alcohol industry. As more people are becoming dependent on marijuana to aid them in pain and relaxation needs, The Tobacco, Pharma & Alcohol industries want to get in on it. The old saying goes, “If you can’t beat them, join them” and it couldn’t be any truer. In my personal opinion, I would welcome them with open arms and not see them entering as a threat, but a chance for the marijuana industry to be more widely accepted as a drug that’s on the same playing field as Tobacco, Pharma, & Alcohol.

Do you know who runs the United States? Corporate America does and with the Tobacco, Pharma, and Alcohol entering the marijuana industry it will eventually reach political decisions to support marijuana use. It will happen more or less a decade from now, but I believe it will happen and the first people to realize this and capitalize on it will be happy they did.

It’s clear the marijuana industry is here to stay and its obvious that other industries will try to capitalize on it. Only time will tell, what the other industries will do to take get part of their share.

If you’re ready to enter the MMJ Industry and in search of a marijuana merchant account, contact us today!

Washington’s Retail Marijuana Sales Jump

Posted on October 8, 2014 by admin

Washington’s retail marijuana sales rose drastically in August, with sales more than doubling July’s totals. This is fantastic news for proponents of marijuana legalization, as well as for the city, thanks to the marijuana’s high tax percentages. While not every area offers up legalized medicinal marijuana, it’s popularity is growing fast.

Medicinal marijuana is a popular product, and not only for those who use its healing benefits. Many lawmakers are in favor of its legalization, due to the high tax rates. Think about tobacco taxes: they add a nice chunk to the price, and yet people still purchase their cigarettes. The taxes help go toward local and state projects, and more tax dollars make for a happier government. Now, if it is legalized in your area, you should look to adding it to your merchandise, or even make it a start-up opportunity. There are millions of customers, and despite rumors, it is not a sketchy field to enter into. Many have heard of medical marijuana being labeled as “high risk”. This simply means that these businesses have a higher percentage of incurring fraudulent charges. Fraudulent charges tack on massive fees, which can leave a merchant account processor no choice but to dump their merchant. You need to make sure that you have a medicinal marijuana merchant account processor that will stick by you when the going gets tough.

At www.marijuana-merchant-account.com know that this industry can be tough. However, we are dedicated to helping our medicinal marijuana merchants by keeping rates to the industry standards, and by not dropping you when a fraudulent charge comes along. We also offer our merchants the most up to date security systems, which is an absolute must, since hackings are reported every day.

Ready to invest in medicinal marijuana? Contact us!

Company :
Name :
Email :
Phone :
Time Zone :
Volume :
Type :

Tag Archives: Marijuana Dispensary