Illinois Medical Marijuana Business Booming

Posted on February 2, 2016 by admin

Highway sign with marijuana leaf "Now Entering Chicago (Illinois)" Illinois medical marijuana dispensaries made over $801,000 in medical cannabis sales since last November. According to the Associated Press, the retail price of medical cannabis is about $14 to $15 per gram. In addition, Illinois earned approximately $57,000 in taxes from medical marijuana. The state has 16 licensed dispensaries, but only 8 are actively taking patients. Thus far about 3,600 patients have been approved for treatment for the program. There should be an influx of patients and profits as more dispensaries open. Joseph Wright, dispensaries director expects 20 to 25 dispensaries to be open by the end of the year.

Illinois is one of a few states that have legalized medical marijuana. Advocates of medical marijuana hope the success in Illinois persuades other states to adopt the same policies. Many states that want to legalize recreational or medical marijuana face severe opposition. Proponents believe that allowing medical marijuana will not only help patients, but create an additional channel of revenue for the state. As seen in Illinois, proponents of medical marijuana hope to make a considerable amount of income from the sale and taxing of medical marijuana. In addition, supporters think legalization will save states money on law enforcement, legal fees, prison sentences, and other judicial costs. Of course, the potential revenue generated from medical marijuana will differ based on state policies.

Even if states were to legalize the sale of medical marijuana, dispensaries and growers will have to surpass a few hurtles. One major issue is finding banks willing to handle medical and recreational merchant accounts. Under current guidelines, bank officials must submit annual reports validating the legitimacy of any cannabis accounts. If there are any irregularities found with the cannabis accounts, banks can be charged with major penalties.

Still, medical and recreational merchants have found success when dealing with smaller, more progressive banks. Medical marijuana and recreational payment processing is a complex business that requires expert knowledge. As states begin to legalize and decriminalize marijuana, you will need a competent lender that specializes in marijuana business funding to infuse your business with cash.

Learn more about expanding your customer’s payment options and finding funding with MMJ

New York Says Yes to Medical Marijuana

Posted on February 2, 2016 by admin

medical-marijuana-symbol This week, New York has become another U.S. state to allow the use of medical marijuana. Eight dispensaries have opened so far, each supplying a variety of tinctures, vapors, concentrates and other forms of the drug. How many patients will acquire services from the dispensaries is still unknown. Last Thursday, New York’s Department of Health stated that 51 patients have been approved to receive services. New York is a late comer to the medical marijuana arena, joining states like Montana and California, which legalized medical medicine in 1996.

Thus far, New York’s program only allows for medical marijuana for certified patients that have H.I.V./AIDS, cancer, Parkinson’s disease, neuropathies, Huntington’s disease, epilepsy, multiple sclerosis, intractable spasticity, and inflammatory bowel disease.

New York’s medical marijuana marketplace was the result of years of lobbying and debate. Supporters believed that bringing medical marijuana into New York would be a lifesaving decision for patients who need the drug to fight debilitating illnesses. Even after legalization, opponents demanded strict regulations that limited how many dispensaries are allowed within the state and how the drug is used. For now, New York is only allowed to have 20 locations and patients are not allowed to smoke the drug within state lines.

Some wonder why it has taken New York so long to legalize medical marijuana. But the state is home to the 1970s Rockefeller drug laws, which harshly penalize drug use and drug users. In 2014, Governor Cuomo brokered a deal to legalize marijuana for medical use at the end of the 2014 legislative session. But the bill still places a number of restraints on dispensaries, allowing the state to “pull the plug” on operations at any time if public health or safety are jeopardized. All eyes are on New York as patients start to receive products for treatment. Some hoping that the process goes smoothly, and others hoping it vanishes in smoke.

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Many States Predicted to Legalize Medical or Recreational Marijuana in 2016

Posted on January 28, 2016 by admin

Marijuana American Flag Many are declaring 2016 the year of the “Green Rush”. There is no year leading up to this one that has offered as many promises for marijuana legalization. At the moment, 14 states have the potential to legalize MMJ, adult-use cannabis or possibly both. This positive change is due to other pioneering marijuana markets and the growing support for cannabis in general.

The legalization of marijuana has become such a recurring topic that it has forced presidential candidates to reveal their position. The fate of marijuana in these 14 states will depend on either the ballot box or state legislatures. The following list details some of the states that have the best chances of legalizing medical or recreational marijuana – or both – later this year.

California

California has been declared the main electoral event for marijuana advocates this year. As the biggest medical marijuana market in the country, advocates are pushing for the legalization of recreational cannabis. If voters approve, the state will quickly generate billions of dollars in recreational sales. Among the groups pushing for this to get on the ballot are billionaire Sean Parker and Lt. Gov. Gavin Newsom.

Florida

Because the measure to legalize medical cannabis failed by such a slim margin back in 2014, MMJ supporter John Morgan is gearing up for round two. With the turnout in the presidential election predicted to be higher than in 2014, and the currently very strong support for MMJ in the state, many are expecting Florida to legalize medical cannabis easily. If this does come to pass, Florida will become the second-largest MMJ market, just behind California.

Maine

A poll conducted in 2015 has revealed that Maine is ready for the legalization of recreational marijuana – with support reaching around 65%. Two competing campaigns, the Marijuana Policy Project and a grassroots group, decided to join their efforts last October instead of having two competing campaigns. Their hope is that this collaboration will boost the chances of success. While Maine would not be the biggest cannabis market in the country, it would contribute towards the progress of the industry as a whole.

Nevada

Nevada has been described as an easy target for recreational legalization. In fact, the state is already catering to out-of-state MMJ patients, thanks to a policy allowing medical marijuana cardholders from other states to purchase cannabis while in Nevada. According to Marijuana Business Daily, the campaign for recreational marijuana has already been placed on the 2016 ballot. The decision is now in the hands of voters.

Pennsylvania

Even though Pennsylvania lawmakers failed to reach a consensus bill in 2015, many advocates feel that MMJ in Pennsylvania will succeed in 2016. Many are afraid the state will replicate strict systems like in New York and Minnesota, which prohibit smokable cannabis. Because the state does not have a citizen initiative process, lawmakers will have the ultimate say-so. Fortunately, most officials are eager to legalize – including the governor of Pennsylvania.

Marijuana Payment Solutions

With so many states predicted to legalize recreational or medical marijuana, there is going to be a growing need for these businesses to secure payment processing solutions. Even with the expected growth, however, the industry is still frowned upon by traditional providers. This leaves many businesses with little to no options. Marijuana payment solutions from a high risk provider – like marijuana-merchant-account.com – provides businesses with the services they need.

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6 States Where Marijuana is Legal but Hard to Get

Posted on July 27, 2015 by admin

Many states across America have decided to legalize marijuana for recreational and medical purposes. However, some states still make it quite difficult for consumers to get their hands on it. With marijuana payment processing accounts being difficult to get approved for and with numerous regulations, not all states make marijuana accessible regardless of it being legal. Here are 6 states that have legalized marijuana, but make it nearly impossible to buy.

Massachusetts

Cannabis has been legal in Massachusetts since 2012, but with tons of licencing issues, it has become nearly impossible to get a hold of. To this day, there has not been a single dispensary that has open its doors.

Minnesota

Minnesota has some of the strictest regulations for medical marijuana use in the country with a maximum of eight dispensaries and only nine accepted conditions that permit patients to use the drug. Plus, the drug cannot be smoked; vaping and pill form are the only two ways that marijuana is permitted in Minnesota.

Illinois

Marijuana became legal for medicinal purposes in 2013, yet it still has not opened up a single dispensary. Less than 2,500 patients are enrolled in the program and still cannot get their hands on any cannabis. Home growing marijuana is considered illegal, making it impossible for patients to use the drug to this day regardless of it being legal.

Delaware

Getting marijuana in Delaware is incredibly difficult since no dispensary has yet to open its doors. With a mere 200 enrolled patients and still no cannabis being grown, this is one of the states that has legalized marijuana without any options made available to patients.

New Jersey

New Jersey passed medical marijuana in 2010, but only opened its first dispensary in 2013. Today, only three dispensaries have been opening, making cannabis scarce and waiting lists long. Plus, the prices are roughly $500 per ounce of marijuana, making them the state with the most expensive weed in the country.

New Hampshire

Medical marijuana has been permitted in New Hampshire since 2013, yet no dispensaries have opened so far. Only five medical conditions qualify for the drug , home growing is not permitted and patients cannot even register for medical marijuana cards.

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New MMJ Dispensaries Geared to Make a Ripple in U.S.

Posted on July 24, 2015 by admin

In the last 10 days, 3 states have opened MMJ dispensaries. The states of Massachusetts, Minnesota, and Delaware have seen their first medical dispensaries. Medical marijuana advocates are elated by the openings and believe that they will do wonders for the industry as a whole, but some state officials are skeptical about the positive affects the facilities can have on the local and stare economies, and on the population in general. Here’s a small glimpse at the impacts the new dispensaries can have on their states.

In Massachusetts, the new dispensary faces the potential of running out of supply as only one other dispensary is operating and there are over 9,000 registered patients demanding product. This is because Massachusetts is slow to approve licenses for dispensaries. Since the legalization of medical marijuana in the state, only one out of 15 licensed dispensaries have actually managed to open.

In Minnesota they have the exact opposite problem. There are only two dispensaries in the entire state, but they are struggling due to extremely low demand (there are only 65 registered patients). Their only hope is to get more patients approved for medical cannabis, but that depends on Minnesota doctors clearing more patients for use. So far most doctors in Minnesota have been very reluctant to clear patients to use medical marijuana.

As for Delaware, the state only has 344 registered patients. Even though the state legalized medical cannabis in 2011, it has been slow to open dispensaries. Right now, only one dispensary will be operational. Despite the fact that these states face a few obstacles, the momentum is still on the side of MMJs. 2016 promises to be a better year for dispensaries when even more states are expected to legalize or decriminalize recreational and medical cannabis.

If more MMJ dispensaries open next year with large or sustainable demand, it could mean a significant boost for the MMJ industry as a whole. Now is the time for you to investigate more marijuana payment processing options for your dispensary. The marijuana payment solutions provided by MMA will help grow your company’s business by giving your customers more ways to pay for your products.

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Get Ready, Minnesota! Registration is Open for Medical Marijuana

Posted on June 16, 2015 by admin

Minnesota is joining other states is allowing its residents to purchase, possess, and use medical marijuana. Registration for the legalized form of the drug has already opened, with the first date of legalized usage being July 1^st.This is great news for the men, women, and children who could greatly benefit from medical marijuana and cannabis oil. This is also great news for those looking to become medical marijuana merchants.

This is the perfect time to cash in on the medical marijuana field. However, regulation are strict. So far, only 11 physicians have registered for the program, and currently the only registered dispensary will be in the old League of Catholic Women building. He site, according to www.cannabisactivistnetwork.com, will be staffed “with nurses and pharmacists, ready to talk patients through their options”. The program is one of the strictest regulated medical marijuana programs in the United States. Patients must have certain conditions, which range from epilepsy, cancer, and glaucoma. The drug will also not be sold in its original “grass” form, but rather in pill and oil form. Cannabis oil has gotten press lately, because of its near miraculous effects it has on children with severe epileptic episodes and children with autism. Autism is not covered under Minnesota’s law, but as we all know, laws can change.

Those who are looking to embark on the medical marijuana industry need to make sure that they understand the market. It is strict to begin with, as marijuana in any form is still illegal in terms of federal law. Congress has taken action that prohibits the fed (perhaps most importantly, the DEA), from searching, seizing, and spying and medical marijuana merchants. Another issue comes from banks and processors. You need to make sure that you have a good medical marijuana merchant account, like the one offered by MMA. A medical marijuana merchant account will allow you to accept plastic card and check payments, whereas without one you are pretty much limited to a “cash only” business, which is dangerous. “Cash only” businesses have a higher percentage of robbery, and once that cash is gone, it is gone. The industry is great, but there is a lot of thinking that you need to do before jumping into it.

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

Posted on May 11, 2015 by admin

The 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.

According to the DEA, Feds must Grow more Marijuana than Anticipated

Posted on April 21, 2015 by admin

Last year, the Drug Enforcement Administration (DEA) decided that the federal government needs to grow more cannabis. This has been true of 2015 as well. In a proposal published by the Federal Register in early April, DEA Administrator Michele Leonhart revealed that the need has increased beyond what was initially anticipated.

In August of 2014, the DEA increased the feds’ quota from 21,000 grams to 650,000 grams. Since Leonhart first signed off for the feds to produce 125,000 grams in 2015, the agency has come to realize that the research and product development involving cannabidiol (CBD) has increased beyond what was expected. The DEA is now saying that the feds should produce 400,000 grams of marijuana this year – more than three times what was anticipated.

In Leonhart’s notice, she also revealed that the DEA “has also received notification from the National Institute on Drug Abuse (NIDA) that it required additional supplies of marijuana to be manufactured in 2015 to provide for ongoing and anticipated research efforts involving marijuana.”

What has fueled this need for more research and development? There has been an increase in interest concerning CBD-rich strains of marijuana due to recent media coverage. This coverage has featured children medical cases in which the drug has been used to treat severe epilepsy. The possibility that the drug could help in such medical cases has motivated many states to pass laws allowing limited access.

If you are currently operating a business in this industry or have plans of starting one soon, you are probably already aware of how difficult it is, if not impossible, to secure funding with a traditional lending source. Despite testing on behalf of feds and the legalization of marijuana in some states, marijuana is still illegal on the federal level and classified as a Schedule I drug.

Fortunately, there are alternative options out there that can help you obtain the funding you need to continue to grow your business safely and efficiently. For example, a marijuana merchant account is an account offered by a provider that specializes in offering such services to a business considered “high risk”; such as, a business operating in the marijuana industry.

Don’t let the continued issues over the legalization and acceptance of marijuana on both the state and federal level slow down your business. Even though funding can be difficult to secure with a traditional source, take advantage of the options a marijuana merchant account can offer you and your business.

How the CARERS Act can Protect the Needs of Medical Marijuana Patients

Posted on April 20, 2015 by admin

Despite the continued legalization of medical marijuana on the state level, the substance is still very much illegal on the federal level. This is not only making it difficult for entrepreneurs who wish to open dispensaries, but it also makes it difficult if not impossible for those who need it for a medical condition(s). Many with medical needs are left with two choices: move to another state where medical marijuana is legal or obtain the substance illegally and face being arrested.

On the federal level, marijuana is classified as a Schedule I substance. According to the DEA, there are five distinct categories or schedules used to classify a drug, substance and certain chemicals depending on its acceptability for medical use and its potential for abuse and dependency. Schedule I drugs are considered to be the most dangerous, with a high potential for abuse and severe psychological and/or abuse potential.

Marijuana has been listed as a Schedule I drug along with heroin, LSD and ecstasy, to name a few; thus, it has been listed as a drug with the highest potential for abuse and no acceptable medical use. For many people with medical conditions, this is a big disappointment and a daily struggle.

Kate Hintz, a writer for change.org, recently shared the story of four-year-old Morgan. Morgan suffers from Dravet Syndrome, a rare form of epilepsy that causes her to have dangerous seizures. The longest she has gone without suffering from one of these seizures is four weeks. The long list of medications she takes have given her kidney stones, ulcerative colitis and compromised her respiratory system.

Research and advice from doctors has persuaded Morgan’s family that cannabidiol oil – a form of medical marijuana – might be her best option. And it would mean fewer side effects for the little girl. It would not make her “high”, and she would not have to smoke it. However, the family cannot legally obtain medical marijuana at this time because of where they live and because the substance is still illegal on the federal level.

For now, the family is supporting the Compassionate Access, Research Expansion and Respect States (CARERS) Act. This bipartisan bill would allow states to legalize medical marijuana without federal interference. In addition, it would reclassify marijuana as a Schedule II drug; thus, affirming that marijuana does indeed have medical benefits.

For those involved in medical marijuana from a business standpoint, the federal classification of the drug means that finding funding is difficult if not impossible. Fortunately, there are alternative funding options out there that specialize in offering services to this industry. Marijuana payment processing, for example, may be the safe and efficient option your business has been looking for.

Obama Makes it Easy for Marijuana Users

Posted on March 24, 2015 by admin

President Barak Obama addressed Kansas City –based KMBC in February about how states could legislate their marijuana laws so that they discourage marijuana use, but don’t impose excessive penalties on recreational users. These comments come at a critical time for marijuana legislation in the country, as a growing number of states are decriminalizing or legalizing the drug. While some states have decided to stick with the current war on weed, others are looking at the drug as a source of new revenue for struggling state.

The comments come after Washington voted to decriminalize the use of small portions of marijuana. Obama defended the move despite the objections of some Republicans. He noted that while states should not encourage marijuana use, they should make a distinction between heavy drug users and recreational users.

Support for marijuana legalization is not only found in the Whitehouse and amongst marijuana users, but is being considered by multiple states in the Union. Desperate state governments are now taxing marijuana, and using the revenue to revamp necessary state programs. Legalization and decriminalization efforts have also cut spending on law enforcement, legal costs, and prison sentences.

Last August, Deputy Attorney General James Cole released a memo that basically ignores the Controlled Substances Act if a specific state has legalized marijuana use. Currently, more than 20 states have either legalized or decriminalized the use of recreational or medical marijuana. Some individuals in these states have started profitable businesses selling medical or recreational marijuana, but are having a difficult time expanding their businesses because most banks refuse to work with them.

In support of the Whitehouse’s position on marijuana, new federal guidelines have made it easier for marijuana merchants to operate without penalty if the state allows it. Still traditional banks believe the new guidelines still place a heavy burden on banks if the marijuana merchants they support turn out to be illegitimate. Therefore, most bank officials have decided to refuse steer clear of marijuana merchants for now.

Without access to a recreational or medical marijuana payment processing, merchants cannot process checks or credit cards. This means that products can only be purchased with cash, limiting merchant potential to expand online.

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