Opening a medical marijuana dispensary in Florida naturally comes with a lot of red tape. Marijuana is still considered an illegal substance at the federal level, despite the 29 states that have legalized it for recreational or medicinal use in recent years. That makes it nearly impossible for banks to fund marijuana distributing companies, which […]

Most cannabis business owners eventually confront the stresses of working in an all-cash environment. If you’re lucky, you’ve found one of the 368 reported banks or credit unions providing limited services to the industry under FinCEN guidelines. You might be experimenting with more exotic solutions like cryptocurrencies or pre-paid services like Tommy Chong’s Green Card. […]

As marijuana shops sprout in states that have legalized the drug, they face a critical stumbling block, a lack of access to the kind of routine banking services other businesses take for granted. U.S. Sen. Elizabeth Warren, D-Mass., is leading an effort to make sure vendors working with legal marijuana businesses, from chemists who test […]

A handful of states are considering making recreational marijuana legal, and the businesses already doing that in Colorado could be examples for others. Because it’s still illegal at the federal level, they face different barriers than your average small business. From the very beginning of the growing process, Colorado cannabis plants are highly regulated. Tim […]

In a historic vote, the U.S. House passed a bipartisan amendment  preventing the Treasury Department from spending any funding to penalize financial institutions that provide services to marijuana businesses that are legal under state law. The amendment passed 231 to 192. In May, the House passed an amendment prohibiting the DEA from undermining state medical […]

Colorado’s governor signed into law on Friday a measure to create the nation’s first state-run marijuana financial cooperative, potentially giving newly legalized cannabis vendors access to banking services through the U.S. Federal Reserve. The bill signed by Governor John Hickenlooper permits the creation of so-called “cannabis co-ops” – similar to credit unions without deposit insurance […]

Colorado legislators have proposed the creation of local nonprofit financial-service cooperatives—the business equivalent of a credit union—for legal marijuana shops as a way to force federal authorities to finally decide whether the cannabis industry can access critical banking services. While the bill allows the creation of co-ops similar to a credit union, their access to the nation’s […]