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New York Banks: We Will Not Work With The Medical Marijuana Industry

Category: News | Posted on Sun, September, 20th 2015 by THCFinder

banking marijuana industry bankIf you own a marijuana business, chances are you do not have a bank account. And if you do have a bank account, there is a good chance that your account could be shutdown at anytime if it is determined that you grow, process, or sell cannabis. The feds have issued ‘clarifications’ that were supposed to help businesses in the marijuana industry gain banking access, but in reality those clarifications just added to the confusion. Banks don’t want to operate in grey areas, so rather than even deal with it, most just have a standing policy to not work with marijuana businesses.

The five medical marijuana companies in New York are learning the hard way just how harsh banks are towards the industry. Per Marijuana Business Daily:

A handful of major banks in the state – including Wells Fargo, PNC Bank, JP Morgan Chase, TD Bank and Key Bank – told Politico that they have no plans to work with the marijuana industry in New York or anywhere else.

“Until we get clarity from the feds, we are not banking on marijuana-related business,” a spokesman from JP Morgan Chase told Politico.

Other banks echoed the sentiment, saying the lack of clarity is a deal-breaker because they don’t want to risk breaking federal laws in order to work with cannabis companies.

If these high powered companies can’t get bank accounts, I think it’s safe to say that the average cannabis entrepreneur won’t be any luckier. If New York’s market is large in anyway, that’s going to be an enormous pile of cash that has to be secured, transported, and stored. Legal industries shouldn’t have to take such risks. They should be able to deposit their currency like other businesses do.

Source:http://www.theweedblog.com/new-york-banks-we-will-not-work-with-the-medical-marijuana-industry/


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Kansas Supreme Court Justice Compares Drug Charges to Sex Crimes

Category: News | Posted on Sun, September, 20th 2015 by THCFinder

The Kansas Supreme Court heard arguments this week between state and local officials as to whether or not the city of Wichita should be allowed to implement an ordinance passed in 2014 that decriminalizes marijuana possession.

In April of last year, 54 percent of the voting population in the state’s largest municipality approved a ballot measure that took the heat off first time pot offenders by making minor possession a civil infraction rather than a criminal offense. Essentially, the majority of Wichita agreed that a $50 fine was a sufficient enough punishment for anyone caught holding a small bag of weed and that it was no longer necessary to put these people in jail.

However, the passing of this ordinance did not set well with Kansas Attorney General Derek Schmidt, who argued that Wichita could not move forward with the ordinance because it directly conflicts with state and federal law.

It is this battle between the city’s right to approve rules conducive to maintaining civil society and a state hammer swinging in disapproval that has brought the state’s highest court in to mediate this issue to a decision. 

Read More:http://www.hightimes.com/read/kansas-supreme-court-justice-compares-drug-charges-sex-crimes


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Dab Bomber.

Category: Concentrates | Posted on Sat, September, 19th 2015 by THCFinder


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Welcome to the marijuana election, where Colorado is the star

Category: Politics | Posted on Sat, September, 19th 2015 by THCFinder

The 2016 campaign is spawning a new axiom in presidential politics: You can't spell POTUS without pot.

For the first time, marijuana is becoming a significant policy issue for Republican and Democratic candidates — thanks in part to softening public attitudes toward the drug and Colorado's prominent place on the political map.

"(Marijuana) is a topic that 2016 presidential candidates will not be able to avoid or dismiss with a pithy talking point," said John Hudak, a fellow at the Brookings Institution, a think tank whose research has focused on the legalization push. "It is one that candidates will have to think about and engage."

In the Republican primary, the candidates are making marijuana an issue on their own. New Jersey Gov. Chris Christie said he would enforce federal laws to crack down on pot use in states such as Colorado. Kentucky Sen. Rand Paul became the first major candidate to attend a fundraiser with the weed industry in his recent Denver visit.

But pot politics hit prime time with an extended exchange in last week's GOP debate on CNN, which drew an audience of 23 million.

Read More:http://www.denverpost.com/election/ci_28844581/welcome-marijuana-election-where-colorado-is-star


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