Category: Banking

21
Dec

Banking & Money Transfer for Cannabis Industry

We just returned from the Las Vegas Cannabis Business Convention. WOW! The cannabis space is evolving at about the same pace as the bitcoin – crypto universe!

Cannabis banking was a topic of GREAT Interest!

New credit unions, banks and a multitude of platforms are launched weekly. It’s a serious challenge to Blog about all of them on a daily basis.

  • An estimated 500 banks will work with medical marijuana companies, but the majority still won’t.
  • The cannabis industry will be a front-runner in adopting bitcoin as a safer alternative to cash.
Shop for Home Delivery of Medical Marijuana: CannabisCareClub.org

Shop for Home Delivery of Medical Marijuana: CannabisCareClub.org

New platforms like SinglePoint and POSaBIT are creating payment systems for dispensaries and consumers using bitcoin. A few new cryptocurrencies have been developed that focus on cannabis transactions, like PotCoin and HempCoin.

In California, meetings occur weekly between California state, banks and federal regulators on plans to enable banks to service the cannabis niche. Starting Jan. 1, 2018 it will be legal to grow and sell marijuana for recreational and medical uses in California.

The California green banking proposal? Basically, it boils down to specify 1 bank as a “central correspondent bank” that maintains accounts from other banks that are doing business with marijuana firms.

A cannabis retailer remits payment to a cannabis distributor for flower, wax, oil… the transaction would go from the retailer’s bank through the central correspondent bank, which would instantly clear payment through the distributor’s bank.

This unique cannabis clearinghouse for cannabis money would allow California to provide a compliance oversight by “assigning examiners to make sure special restrictions set by the federal government are followed, suspicious activity reports are filed and the number and scope of transactions through the central bank are tracked.”

In today’s cannabis environment, it’s even possible to offer cash intensive cannabis businesses the ability to accept secure payments electronically. We allow payments with a smartphone app, tablet or desktop computer. AMAZING!!!

Contact Jer@MyPotGuru.com for details.

 

03
Dec

Trump: Marijuana Bank Cannabis Bank Accounts

State treasurers are reaching out to the Trump administration for marijuana – cannabis banking guidance.

California Treasurer John Chiang called on President-elect Trump to help him enable California’s marijuana $7 billion cannabis industry participate in the United States banking system while pot remains illegal as a Schedule 1 substance under U.S. law.

Chiang says California voters last approved Proposition 64, which legalized the recreational use of marijuana, beginning in 2018. Now, the challenge is “how the state of California cannabis industry will collect an estimated $1 billion in annual taxes from legal pot sales and cultivation while California cannabis businesses face serious obstacles regarding establishment of FDIC insured bank accounts, qualifying for loans to finance cannabis businesses, equipment, real estate and marijuana insurance.

My_Pot_Guru

Cannabis Banking & Financing Available

Treasurer Chiang include in his letter to President Trump that the “conflict between federal and state rules creates a number of difficulties for states that have legalized cannabis use, including collecting taxes, increased risk of serious crime and the inability of a legal industry under state law to engage in banking and commerce.”

“We have a year to develop a system that works in California and which addresses the many issues that exist as a result of the federal-state legal conflict,” Chiang added. “Uncertainty about the position of your administration creates even more of a challenge.”

There is no way this marijuana acceptance by millions of Americans can be reversed! Mr. Trump and his administration MUST address this issue immediately.

This too, like the “Trump movement” is not going to be silent!

President Trump wants to create jobs? He thinks his Carrier air conditioning success with 1100 jobs was a winner?

If President Trump can fix the cannabis banking situation SOON – and this is a certainty – MILLIONS of jobs, tax collections and patients will thrive!

Reach out: Team@MyPotGuru.com

15
Oct

Cannabis Bank Solutions

Cannabis Bank Solutions

There’s no doubt there is enough D.C. support for changes to federal cannabis banking laws.

The other HUGE issue is the IRS! Until cannabis businesses can take deductions for store lease expenses, payroll costs, marketing expenditures… our profit margins will be limited by how much cash goes into our trunks and into employee pockets. Not exactly the ideal situation but certainly a real world reality.

Meanwhile is a solid piece of conversation about cannabis retail software and cannabis banking strategies! Invest 5 minutes; you’ll be glad. Guaranteed!

It hasn’t helped that every time a banker comes forward with some balls they get shut down. Witness Fourth Corner Credit Union out of Colorado. We were all crushed!

Cannabis bank solutions are a certainty. It’s just a matter of time.

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