Marijuana Blog

New Senate Bill To Let Marijuana Dispensaries Finally Access Banks

Category: Medical Marijuana | Posted on Sat, July, 11th 2015 by THCFinder

A new bill introduced into the U.S. Senate aims to offer protection for financial institutions that want to conduct business with marijuana dispensaries.

Since marijuana is still a Schedule I drug, banks have been incredibly reluctant to enter into business relations for fear of running afoul of federal regulators and laws concerning money laundering, reports.

Support for marijuana continues to build in Congress. Four states and the District of Columbia have legalized the drug, and this legislation, backed by the Senate delegations from Oregon and Washington, would prohibit regulators from cracking down on banks in the form of terminated FDIC insurance, asset seizure and prosecution for money laundering. The Marijuana Businesses Access to Banking Act also prevents prosecutors from joining into the fray, so long as industry complies with state law.

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Blunt Mask

Category: Culture | Posted on Fri, July, 10th 2015 by THCFinder


Texas Town Pushes for Marijuana Legalization to Combat Cartel Traffic

Category: Legalization | Posted on Fri, July, 10th 2015 by THCFinder

The quiet border town of El Paso has reportedly become a trailblazer in the effort to reform marijuana laws in Texas. 

According to the Guardian, El Paso's proximity to Ciudad Juárez—"the Mexican city so ravaged by drug cartel violence that until recently it was the murder capital of the world"—has actually spurred many locals to support marijuana legalization (or at least decriminalization). 

"The believe the decades-long U.S. 'War on Drugs' has militarized the border and put ordinary people under constant surveillance, disrupting lives and fracturing communities without achieving results that justify the emotional, cultural and economic costs," the Guardian reported. 

With Border Patrol seizing 44,000 lbs of marijuana in the El Paso area last year, residents believe that legalizing the herb would harm cartels' income streams and, in turn, take away much of their power. 

“The cartels are bigger and stronger than they’ve ever been and what have we really done that’s thwarted their efforts? Nothing,” Justin Underwood, an El Paso attorney, told the Guardian. “I am of the opinion that human beings are going to do drugs, period. Human beings are going to drink alcohol. I accept these things as facts and as long as you have a demand you will always have a supply, no matter what.”

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U.S. Senators Introduce Bipartisan Marijuana Banking Bill

Category: News | Posted on Fri, July, 10th 2015 by THCFinder

congress medical marijuanaSenators Jeff Merkley (D-OR), Cory Gardner (R-CO), Michael Bennet (D-CO), Rand Paul (R-KY), and Ron Wyden (D-OR) introduced the Marijuana Business Access to Banking Act today in a much-needed move to allow legitimate marijuana businesses to conduct legal financial operations. While the move sounds like a minor regulatory matter, the lack of clear financial guidelines represents the single greatest obstacle to state-legal marijuana businesses operating safely and profitably. Currently, dispensaries and other businesses in states that have legalized medical marijuana or that allow adult use must operate cash-only businesses because banking services fall under federal, rather than state law.

“Right now, it’s the Wild West for marijuana businesses,” said Major Neill Franklin (Ret.), executive director of LEAP. “Criminals know where the dispensaries are. They know the businesses are making thousands of dollars a day and that all of those transactions are in cash. It’s led to some horrific incidents, all courtesy of the federal government. They’re setting these businesses up to fail and, worse, they’re endangering people’s lives.”

Most dispensaries have had to hire expensive private security firms to set up elaborate safety systems and to accompany employees as the cash leaves the premises. Because of these precautions, many dispensaries, even those conducting large volume of sales, retain little profit. States are the other major losers in this scenario as the lack of accountability encourages the underreporting of taxes.

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