California Still Can’t Figure Out Its Cannabis Banking Problem
Starting next year, sales of recreational marijuana in California are expected to generate $1 billion in sales tax revenue. That’s an amazing amount of cash—emphasis on cash.
As has been the case since the cannabis industry became an industry, most marijuana businesses in America do not have bank accounts, because, thanks to federal law, banks do not accept their money.
This is a problem everywhere: As much as 40 percent of the marijuana businesses in Colorado, which recorded more than $1.3 billion worth of sales last year, do not have bank accounts, the Pew Charitable Trusts reported.
Some local credit unions quietly take smaller accounts, but big banks are staying away.
Big Pharma Trying to Corner the MMJ Market
An infamous Arizona pharmaceutical company that spent a half million dollars fighting the state’s marijuana legalization efforts has just received approval from the DEA for its synthetic substitute for the natural plant.
Insys Therapeutics, Inc. is the producer of Syndros, an oral spray that contains THC. The drug is used to treat nausea and vomiting in cancer patients, as well as weight loss in those battling AIDS.
Syndros is a brand name for the company’s formulation of the generic drug dronabinol, which has been available since 1985 as a capsule under the brand name Marinol.
In 2016, Insys donated $500,000 to Arizonans for Responsible Drug Policy, a group campaigning against Proposition 205, which would have legalized adult recreational use of marijuana in Arizona. The proposition failed to pass by a 52 percent-48 percent vote in last November’s election.
The famed Chem Dawg, aka Chemdawg, is one of the most potent Marijuana strains in existence. Originating in mystery and legend, Chem Dawg was supposedly found as a seed in a bag of high-quality bud bought by the strains namesake, who is now breeding various new varieties with these genetics. Chem Dawg is powerful medicine, with a strong smell of pine-sol and jet fuel, and a very strong high which can be too strong and anxiety-producing for less-experienced smokers. As the progenitor of many Kush and Diesel varieties, Chem Dawg is a proud parent of many currently popular marijuana strains.
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