New Jersey Could Soon Have Legalized Pot

Posted on December 16, 2016 by admin

Training-Dispensary-Staff-Tips Of all the states that have legalized pot of some form on the ballot, New Jersey puzzles some. The vastly Democratic state with a Republic governor may soon has legalized pot. While this state could use the extra tax benefits that legalized pot brings – is the state ready?

One thing that makes New Jersey’s law unique is that you could purchase the pot in cigarette form. Earlier last week, State Assemblyman Michael Patrick Carroll introduced a piece of legislation (A4193) aimed at legalizing a recreational cannabis market that would operate under the same restrictions the state already has in place for people who buy cigarettes. The lawmaker’s goal is make legal weed available in supermarkets and convenience stores, giving cannabis users the same access to the herb as smokers have for their daily vice.

The proposed law really digs into true foundation of what it means to repeal prohibition by not only legalizing the leaf for adults 19-years-old and older, which is the legal age to buy cigarettes in New Jersey, but it would also serve as a reform to the state’s criminal justice system by expunging the records of those people with previous marijuana offenses.

And the latter is great – we can all agree on that. But should it be a separate bill? That is what some are arguing, and it makes a good point. They are two different issues, and may have two different sets of people clamoring their support. While those who are not fans of legalized pot may not be on the sidelines for it, many are in favor of quashing old marijuana charges for those who served their time or probation, and have went on to lead productive lives.

But, will this pass? Perhaps. The state, even though it has a Republican governor, is liberal, and it is surrounded by other liberal states that may soon follow suit. It only takes one state to be successful with one thing for other states to follow along, and New Jersey have pave the way for others to push for legalized marijuana cigarettes and the quashing of old pot charges.

MMA Provides Credit Card Processing for Cannabis Medical Merchants

Posted on August 12, 2016 by admin

Marijuana merchant (MMA) recently announced that it now offers credit card processing solutions for medical cannabis merchants. In the past, only retail dispensaries were able to utilize MMA’s PIN based programs, due to industry regulations. Now, MMA can offer wireless payment processing services through its PIN system for delivery or mobile dispensaries; this new solution allows mobile dispensaries to accept payments on the go.

Securing credit card processing for cannabis medical merchants is a very big struggle. Traditional sources quickly shy away from the MMJ industry and refuse to offer their services. Even if they would like to welcome their business, current regulations make it difficult, if not impossible. This forces merchants to resort to a cash-only business, while other industries considered “high risk” enjoy credit card processing.

With MMA, on the other hand, cannabis medical merchants can have their funds from transactions deposited into their accounts every 24-48 hours – regardless of their “high risk” business type. Thus, allowing merchants to avoid keeping excessive cash on hand and cancel out the temptation for thieves. MMA’s simple, streamlined application process, low rates and quality customer service has made it one of the fastest growing payment processing websites on the Internet.

According to MMA, “We provide safe and secure credit and debit card payment processing using our PIN based program designed specifically for the MMJ industry. Dispensaries have faced many challenges when trying to start accepting electronic payments at their locations.”

“Our merchant advisers can answer all your questions and recommend solutions that will help your business reach its financial goals.”

Located in Los Angeles, CA, Marijuana Merchant Account’s (MMA) expert team have been and continue to be strong advocates of the medical marijuana industry. Their solutions – specifically tailored to meet the unique needs of the MMJ industry – have made it both easier and safer for patients to access their medicine. MMA is dedicated to providing the very best in electronic payment processing to the medical marijuana industry.

Massive Funds Head to Marijuana Start-Ups

Posted on June 26, 2014 by admin

A new online start-up website is making waves. This website, CannaBuild, lets merchants describe and recommend strains of their inventory. While this does not seem like a big deal, it is. CannaBuild launched primarily from start-up funding from online donors. This is outstanding, and it can help ease the minds of future business owners who fear that they cannot afford, or obtain a loan, to secure their dispensary dreams. While crowdsourcing is the newest way for up and coming companies to garner funding, you could face later difficulty finding a marijuana payment processor.

Banks and many processors will not work with marijuana business, even in areas where it is highly accepted. These businesses are considered to be “high risk”, meaning that they are at a higher risk of having fraudulent activity occur. While this is true, it should not be so difficult to find a marijuana payment processor. It actually is not…if you know where to look. Where you need to look is to MMJ, or marijuana-merchant-account.com.

MMJ has over 10 years’ experience in dealing with marijuana payment processing. From medical marijuana to legalized recreational marijuana, we deal with it all. We are dedicated to your business, and we believe that you should have access to the same processing services as more mainstream businesses. We offer top of the line terminals, software, and security. In terms of terminals, we also offer wireless terminals, which are great for small workspaces. We are 100% legal, and our terminals accept Visa and MasterCards. While crowdsourcing is great, it can only help you launch your business. It cannot help you advance your business, or accept payments. For this, you need the services of MMJ.

Crowdsourcing is helping many marijuana businesses get going. However, while this system is great, it can only help get your business up and running, and it cannot help advance it or process payments. For this, you need the services of an advanced and experienced marijuana payment processor. You need MMJ. We have over 10 years of industry experience, and we are available to help you.

For Marijuana Payment Processing contact us today

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!

New Federal Regulations Expand Marijuana Payment Processing Options

Posted on June 11, 2014 by admin

In February, the Obama administration released new rules related to banks who want to do business with institutions that sell legal marijuana. The Justice and Treasury Department rules are designed to “move from the shadows the historically covert financial operations of marijuana businesses,” stated Jennifer Shasky Calvery, director of the Treasury’s Financial Crimes Enforcement Network.

Although 20 states along with the District of Columbia have allowed the sale of medical and recreational marijuana, its production, sale, and possession are still illegal under Federal law. Because the federal government regulates many banking transactions, banks have avoided doing business with marijuana dealers. As a result, many legal marijuana businesses had to find niche institutions for marijuana payment processing or became cash only institutions; a susceptible target for thieves.

The new regulations make banks responsible for monitoring and researching legal marijuana businesses to ensure they are compliant with administration regulations. Now banks who wish to deal with legal marijuana merchants are expected to verify that they are licensed to legally disperse marijuana, gather information on all of the products that they plan to sell, and learn the nature of their customer base. Banks are also expected to notice and report any suspicious activity that dealers may be involved in, or report any improper transactions.

Current federal law requires that banks notify federal regulators of suspicious activities by any of their customers, not just marijuana dealers. Banks who believe that a marijuana merchant is legitimate, must file a “marijuana limited” report to initiate marijuana payment processing and account management. If a bank suspects that a marijuana merchant is not following the new guidelines, they must file a “marijuana priority” report, which is based on factors like an inability to prove revenue is derived from a legal source or profits that greatly exceed those of local competitors.

Even though the federal government has released new regulations, most banks continue to label legal marijuana dealer accounts as “high risk” and refuse to deal with these accounts. marijuana-merchant-account.com is your number one online source for high risk merchant accounts like medical marijuana accounts.

We offer a suite of marijuana payment processing options that enable you to discontinue cash only policies, and accept a variety of payments including checks and credit cards. Don’t wait to expand your customer’s payment options.

To open a marijuana merchant account, click on the button below

Is the Government turning their heads on Privateer Holdings?

Posted on April 30, 2014 by admin

One of the largest private equity firms in the cannabis industry is Private Holdings. They raised more than $50 million dollars in the last fundraising and the firm is expecting to finalize investments and close its Series B financing effort at the end of May, with the Privateer Chief Executive Officer Brendan Kennedy.

The dollar amount is significant for the cannabis industry; there is documented information that shows high level investors are finally starting to pump money into the cannabis sector. Kennedy said there have been several institutional investors, who had no interest in this industry and wanted no part of it in the past. Now they all want in, because they are witnessing millions of dollars flowing into the industry and investment firms along with some wealthy individuals from mainstream businesses all around the world are starting to invest in these cannabis companies that they once turned their noses up at or didn’t want others to know if they invested in anything connected with marijuana.

ArcView Group has seen a 50% spike in their membership over the last three months. And the ranks have increased more than five times in a year.

Chicago investment firm Lincoln Park Capital Fund closed a deal to channel $27-million dollars into the publicity traded biotechnology company named Nuvilex “they will use this money for MMJ research”.

Mediswipe a publicity traded company that provides various products and services to the cannabis industry received a $1.1-million dollars funding commitment from a private equity firm. This company was also reported to have offered another $500,000 dollars in loans to assist Colorado dispensaries and cultivation operations with the purchase of high dollar equipment and real estate.

Privateer Holdings, which is a cannabis private equity firm that is run by a variety of investment banking veterans, has witnessed interest from investors on the rise and it will not be long before it reaches $25-million dollars in its second funding. In the first funding the firm raised $7-million dollars.

The surge in interest from the mainstream investors has been very successful for the cannabis executives. And cannabis executives are looking forward to the additional surge in the interest rates from the recreational marijuana companies.

There are two executives from High Times magazine, that recently teamed up to start a new investment fund and they are looking to raise $100-million dollars in two years, while the cofounder of a dispensary listing giant WeedMaps has gone in a similar direction. The cannabis business leaders want to continue to saturate the market with the recreational cannabis dispensaries.

The recreational marijuana sales in Colorado and the impending launch of Washington’s adult-use program there have been some major players that have joined this new market. This recreational market is where you will find the real money, and investors are now starting to see recreational marijuana is a money maker.

The federal government is no longer trying to regulate the marijuana markets; they are pretty much taking hands off approach as they lower the risks.

The future is looking very profitable for the businesses that use to be a “can I get a $5.00-dollar bag”?

Obama Administration Ok’s Bank and Marijuana Merchant Account Transactions

Posted on April 25, 2014 by admin

In February, the Obama administration gave banks approval to do business with legal marijuana dispensers. For the first time ever, these dispensers are eligible to secure loans and set up checking and savings accounts with traditional banking institutions.

20 states and the District of Columbia have legalized the sale of marijuana. Colorado and Washington were allowed to legalize marijuana, as long as the states kept a close eye on businesses. In August, the administration set forth eight guidelines for legal dealers to follow to avoid federal prosecution. As a result, the Treasury Department has issued new rules making it easier for banks to do business with marijuana dispensers, while the Justice Department decided not to prosecute banks that do business with legal marijuana dispensaries.

Yet banks are leery of engaging in business with legal dealers, because the sell and distribution of marijuana is still forbidden by federal law.

Frank Keating, president and chief executive of the American Bankers Association voiced financial institution concerns. “This guidance doesn’t alter the underlying challenge for banks. Possession or distribution of marijuana violates federal law, and banks that provide support for those activities face the risk of prosecution and assorted sanctions.”

Currently financial institutions must notify the federal government if they suspect any illegal activity by marijuana merchant accounts. The Treasury department requires banks to submit a “marijuana limited” report that says that dealers are following the administration’s guidelines, and are keeping revenues out of the hands of illegal dealers. If the bank suspects that a marijuana merchant account is engaging in illegal activity, they must file a “marijuana priority” report to notify regulators.

This is exciting news for marijuana dispensers like Steve Horwitz, whose account was closed once Wells Fargo discovered it sold marijuana laced goods. “We’re good customers. We pay extra money for cash deposits, and we move a lot of money. It’s in their interest to keep us.”

Legal marijuana entrepreneurs are not the only ones who would benefit from the integration of marijuana merchant accounts into the banking industry. Financial organizations could win big with legal marijuana business. The industry is expected to gross $2.57 billion this year, according to ArcView Market Research.

marijuana-merchant-account.com has easy payment processing solutions for retail and delivery dispensaries. 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. Contact us at: 1-800-466-1809 to set up your marijuana merchant account today.

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.

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.

App Attempts to Make Marijuana Payment Processing Easier

Posted on April 15, 2014 by admin

With the sales of medical marijuana expected to grow exponentially in the coming years, the cash only payment system currently in place will see a challenge from a new mobile app designed to streamline marijuana payment processing. Itonis, the maker of the MyECheck proprietary mobile app, plans to market its services to medical marijuana dispensaries in order to make marijuana payment processing seamless. There will be a reasonable per transaction cost that will generate revenue for the company which provides cash free point of sale facilitation.

Currently all dispensaries despite the legality of the sale of marijuana in its respective state, must conduct all business with cash only policies due to banking limitations. The mobile app however is designed to function as an electronic check and would allow safe and secure money transfers between transacting parties. This would bridge the gap that is missing in marijuana sales and marijuana payment processing.

Medical and recreational marijuana sales are expected to grow significantly in the next years, especially with the legalization of marijuana use in Colorado and Washington recently. In Colorado for example the Joint Budget Committee has projected marijuana tax revenues to be more than $610 million over the course of the next year and a half.

The company’s CEO, Mark Cheung is confident that the potential revenue stream from the transaction fee the company will charge for each transaction will push Itonis into a new sector that will create financial gains for the company. Initially incorporated in Nevada on July 5, 2005 under a different name, Kenshou, Inc. later changed its name to Itonis on December 2, 2005. Itonis’ recent push to enter this market could break new ground as there is a clear gap in marijuana payment processing for dispensaries currently.

The company could not only become a new marijuana payment processing platform, it could also gain traction with small businesses. Many other companies have had success marketing themselves as simple payment platforms that provide a basic yet crucial service. PayPal and Square have both become highly profitable offering payment processing for a nominal fee.

For Marijuana Dispensary Processing, contact us today!

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