Medical Marijuana Gets Some Help…From Washington DC

Posted on June 26, 2014 by admin

Lawmakers in Washington DC are considering loosening the region’s tight rules concerning medical marijuana. At the moment, there are only four ailments for which a doctor can prescribe medical marijuana. With this change, a doctor can prescribe medical marijuana as they see fit, regardless of the patients’ ailments. This is fantastic not only for patients, but also for those in DC who have thought about opening a medical marijuana dispensary.

There are many reasons to get into the medical marijuana business, from helping the community to the simple fact that it is lucrative. However, while it is a sure moneymaker, finding a processor to process payments can be tricky. The vast majority of banks and traditional processors will not cater to medical marijuana merchants, even in areas where the business is accepted. This can be challenging, however there are processors that specialize in medical marijuana payment processing. One of the leading companies is MMJ, or marijuana-merchant-account.com.

MMJ is not new to the medical marijuana business. We have been in business for over 10 years, providing the absolute best software, security, and terminals to our clients. We know that security is of utmost importance to medical marijuana dispensaries, and we provide the best. We also provide wireless terminals, which are streamlined and easier to manage if you have a small workspace, or if you would like to move throughout your business to do your transactions. Our services are 100% legal, and we have over 10 years of happy clients to back us up. While not all areas accept medical marijuana, if you are in area that does, it is a great business to be associated with. When you decide to become a dispenser, you need to turn to MMJ for your medical marijuana processing needs.

Hopefully Washington DC will loosen their restrictions on who can benefit from medical marijuana. The changes will not only benefit those in need of the product, as well as those who are medical marijuana merchants. This change can totally transform the industry, and you need to be prepared, regardless if you are a current or prospective medical marijuana dispensary operator. You need the best marijuana payment processor in your corner. You need MMJ.

For Marijuana Merchant Processing contact us 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.

Click on the button below to open a marijuana merchant account now

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.

Marijuana Properties are having a Hard Time Finding Financing in Colorado

Posted on March 17, 2014 by admin

Two of Colorado’s largest banks, Wells Fargo and FirstBank, have announced that they will not offer any new loans to those whose properties are hosting marijuana dispensary businesses. Wells Fargo and Vectra Bank have already told commercial loan clients they will have to either evict the marijuana business or refinance their loan elsewhere. This is not only harmful to the new legalized marijuana businesses, but also to the property owners who may lose paying tenants.

This comes just days after federal banking regulators announced what some said was a green light for doing business with the marijuana industry. These rules require that banks continue to file reports on their interactions with marijuana businesses, and they must identify when transactions are questionable. Banks are leery that notes collateralized by property theoretically subject to federal drug-seizure laws are just too risky. Vectra made that very demand on a commercial loan that had come due, the client will have to find his own refinance bank that will deal with a property owner who hosts marijuana dispensaries.

While this may seem like discrimination against those who own and host legalized marijuana dispensaries, take into account that the federal government still considers marijuana illegal. While practically anyone over the age of 21 can go to Colorado, show there is, and purchase the newly legalized drug, it can only be used in Colorado. It cannot be taken aboard an airplane, nor can the buyer cross state lines with it. It is understandable that banks have to answer to the FDIC, or Federal Deposit Insurance Corporation, and perhaps could worry about penalties that could occur if they garner to these businesses. Regardless of one’s stance on the legalization of marijuana, it is legal in Colorado, and these business owners and their property owners seem to be pushed aside by bankers out of fear.

While the legalization of recreational marijuana has great financial benefits for the state of Colorado, it seems to be having a negative effect on those who are trying to take out property loans, or refinance property loans. While it seems unfair that these businesses and property owners are being singled out, it must be remembered that all reputable banks must answer to the federal government, and the FDIC. Because of this, and because of marijuana’s illegal stance in the federal criminal system, it seems clear that these stances will not change, at least in the near furture.

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.

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