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Banks Willing to Work With Marijuana Business, But Waiting for Federal Clarification

October 30th

OLYMPIA, WA — Many banks in Washington State are willing to provide financial services to the state’s new recreational marijuana industry, but are unable to under current federal law. Reported this week in the Daily Herald: Marijuana businesses, even ones that will soon be legally licensed in this state, are considered criminal enterprises under federal […]

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SOURCE: Banks Willing to Work With Marijuana Business, But Waiting for Federal Clarification by

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Congressional Reps Urge New Direction with New Drug Czar Pick

September 30th

WASHINGTON, DC – Five Democratic members of Congress are calling on President Obama to use the naming of a new drug czar as an opportunity to take a big step toward fully embracing a drug policy based on science, reason, and facts. The five representatives made their call in a letter sent to the White House Thursday. The […]

Read Congressional Reps Urge New Direction with New Drug Czar Pick in its entirety on The Daily Chronic.

Want to stay up to date on marijuana reform & cannabis news worldwide? Visit The Daily Chronic - The Voice of the Reform Generation, the most comprehensive coverage of the cannabis community!

SOURCE: Congressional Reps Urge New Direction with New Drug Czar Pick by

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WA, CO Congressmen Introduce Federal Bill to Allow Banking for Marijuana Industry

July 11th

WASHINGTON, DC — US Congressmen Ed Perlmutter (D-CO) and Denny Heck (D-WA) introduced a bill Wednesday, along with 16 bipartisan co-sponsors, to reform federal banking laws as they apply to marijuana related businesses, both in the existing medical marijuana industry and the forthcoming recreational marijuana industry in their respective states.

The bill, US House Bill 2652, the Marijuana Business Access to Banking Act of 2013, would allow regulated, state authorized marijuana businesses — either medical or recreational — to have access to financial institutions.  The bill would update federal banking rules to resolve conflicts between federal and state laws, promoting community safety and financial security, according to the bill’s sponsors.

Currently, even the most basic banking services, such as business checking accounts or merchant credit card processing services, are largely unavailable to the marijuana industry.

Federal regulators impose stiff punishments and penalize banks and their employees for providing services to marijuana related businesses. The result is legitimate, licensed and regulated businesses have extreme difficulty accessing the banking system to accept credit cards, deposit r. . . . . READ MORE

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admin has written 2733 posts on What Is Marijuana?

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WA, CO Congressmen Introduce Federal Bill to Allow Banking for Marijuana Industry

July 11th

WASHINGTON, DC — US Congressmen Ed Perlmutter (D-CO) and Denny Heck (D-WA) introduced a bill Wednesday, along with 16 bipartisan co-sponsors, to reform federal banking laws as they apply to marijuana related businesses, both in the existing medical marijuana industry and the forthcoming recreational marijuana industry in their respective states.

The bill, US House Bill 2652, the Marijuana Business Access to Banking Act of 2013, would allow regulated, state authorized marijuana businesses — either medical or recreational — to have access to financial institutions.  The bill would update federal banking rules to resolve conflicts between federal and state laws, promoting community safety and financial security, according to the bill’s sponsors.

Currently, even the most basic banking services, such as business checking accounts or merchant credit card processing services, are largely unavailable to the marijuana industry.

Federal regulators impose stiff punishments and penalize banks and their employees for providing services to marijuana related businesses. The result is legitimate, licensed and regulated businesses have extreme difficulty accessing the banking system to accept credit cards, deposit revenues, or write checks to meet payroll or pay taxes.

This forces legal, state-compliant marijuana businesses to operate as cash-only enterprises, inviting crimes such as robbery and tax evasion, adding to the burden of establishing a leg. . . . . READ MORE

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admin has written 2733 posts on What Is Marijuana?

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