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MBank To Close All Marijuana Business Accounts

Category: News | Posted on Tue, April, 14th 2015 by THCFinder

marijuana cash industry bankingAnyone who has been involved in the marijuana industry knows that banking is extremely tough. For almost all marijuana businesses, having a bank account is not even an option. MBank has been trying very hard to become the ‘go to’ bank for marijuana businesses. A little while back MBank announced plans to expand into Colorado. After pressure from the feds, they decided to back off that expansion. Late last week, MBank announced that it would be closing all accounts for marijuana businesses, which is a huge blow to the industry. Per Marijuana Business Daily:

MBank, the small Oregon-based financial institution that has serviced the cannabis industry since last year, told Marijuana Business Daily that it will close all of its accounts with marijuana companies in the next two months.

Jef Baker, the CEO and president of MBank, said the cost and time spent on compliance is too much for the Gresham, Oregon-based community bank to handle. The company – which quickly became one of the largest banks serving the marijuana industry – has about 70 to 75 accounts with cannabis businesses, Baker said. Most of them are in Oregon, though a few are in Washington State.

“We just do not have the resources to manage the compliance necessary” to service the cannabis industry, he said. “This is not what we want to do, this is what we have to do. We got into this business to serve an underserved group and I wish we could still do that.”

The case of MBank highlights just how unworkable federal guidelines are when it comes to marijuana banking. For a long time the feds didn’t allow any type of marijuana banking. In recent years the feds have issued guidelines that were supposed to clear up some of the grey areas, but as the MBank situation illustrates, those guidelines just created more problems than they solved. We need true banking reform, otherwise the industry will never reach its full potential, and security and logistic concerns will remain.

Source:http://www.theweedblog.com/mbank-to-close-all-marijuana-business-accounts/


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CA's 2016 Legalization Bid & Its Federal Implications

Category: Legalization | Posted on Tue, April, 14th 2015 by THCFinder

Although several states are expected to legalize marijuana for recreational purposes in 2016, there is a substantial amount of pressure being applied out West to establish a cannabis industry in the largest state in the union: California. It is there that pot proponents are currently working to develop an initiative aimed at getting the question of legalization on the ballot in the next presidential election — which, depending on its success, could be a tremendous boost for similar campaigns all across the country and ultimately lead to the end of federal prohibition.

“A lot of eyes are on California,” Gavin Newsom, the lieutenant governor of California, recently toldBloomberg. “It’s very different than almost any other state because of the scale and the magnitude of the change and what it will represent across the country.”

Marijuana activists in California believe that despite their failed efforts in the past, legalization is a lock if they can manage to get the issue on the ballot in 2016. A recent poll indicates this might be true, with next year’s election predicted to be a completely different story than in 2010, when legal weed was run out on a rail by 54 percent of the voting population. The latest data, published last month by the Public Policy Institute of California, suggests that 55 percent of the population now stands in favor of regulating the herb in a manner comparable to the alcohol industry, which is an added incentive for supporters to make good with a new proposal.

But it is going to take a lot more than a favorable poll for California to pass this type of initiative. In addition to requiring an immense team of volunteers, these types of campaigns are ultra-expensive to run and will cost millions of dollars to successfully snuff out the plague of those snidely opposing forces. However, experts anticipate that this could be easy to do, as a large chunk of the required campaign finances will likely be donated by cannabis industry figures that are already operating in legal states. Some of these businesses are more than willing to support the cause to legalize weed in California because they are champing at the bit to expand into such an enormous market.

Shockingly, however, some experts predict that it will take much more than a million and change to get an initiative passed in 2016. Troy Dayton with the ArcView Group recently told Bloomberg that it would take in upwards of $20 million in order to successfully accomplish a feat of this magnitude. This is because it will only cost about $10 million for the combined lynch mob of law enforcement, educators, and national anti-marijuana campaigners to make certain that legal weed never seen the light of day.

Read More:http://www.hightimes.com/read/cas-2016-legalization-bid-its-federal-implications


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Bud Lightyear!

Category: Fun | Posted on Mon, April, 13th 2015 by THCFinder


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The marijuana industry’s newest customers are sick and elderly dogs

Category: Odd | Posted on Mon, April, 13th 2015 by THCFinder

A day before a scheduled vet appointment to euthanize her dog, Wendy Mansfield decided to try one last resort to alleviate the chronic pain of her 15-year-old labrador mix: cookies from a marijuana dispensary made specifically for ailing dogs.

Kali, a mild-mannered 80-pound rescue, was never much of a complainer. But she often licked her paws—an obvious sign of pain, according to her vet—which was typically accompanied by bouts of coughing because of the shedding fur that got in her throat. One treat and 20 minutes later, the licking suddenly stopped.

Seeing this, Mansfield, who lives in Fort Bragg, California, gave her dog a second cookie, and then a third. Kali, who had been listless and depressed, got up to drink some water and walked outside—something she hadn’t been able to do recently without groaning or obvious signs of pain.

Mansfieldthen called the vet to cancel her appointment. That was three weeks ago. “Never in my wildest dreams would I have anticipated this,” she tells Quartz. “It brought my dog back.”

With marijuana flourishing into big business in the US, a new segment of the market catering toward aging and ailing pets has been growing under the radar. The legal weed market raked in $2.7 billion in revenue in 2014, and one estimate by the ArcView Group, a network that connects investors with cannabis startups, projects the industry to top$10 billion in sales by 2018.

The pet-pot market is treading on new territory, however. The legal gray area is posing challenges for companies to market and distribute cannabis-derived products for animals. There’s also insufficient scientific backing and industry guidelines. Still, that’s not deterring desperate pet owners, like Mansfield, or keeping investors from getting on board.

Read More:http://qz.com/377887/the-marijuana-industrys-newest-customers-are-sick-and-elderly-dogs/


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