A Marijuana Tidal Wave?

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  A Marijuana Tidal Wave?

Posted by CN Staff on February 19, 2014 at 16:32:27 PT
By John Maxfield 
Source: USA Today 

USA -- The marijuana industry just got a critical boost in its effort to become a massive and completely legitimate business. On Friday, two federal law-enforcement agencies released coordinated statements clearing the way for banks to take deposits from and offer financial services to marijuana producers and retailers without fear of prosecution for money laundering.To say that this will ignite a revolution in the still upstart industry would be an egregious understatement.
"It is imperative that this legal industry have access to banking the same as every other business sector," said Mike Elliot, executive director of the Medical Marijuana Industry Group. "To continue doing business on a largely cash basis creates serious safety issues for owners, employees, and customers."An Industry Awash in CashAs the legal marijuana industry develops in Colorado and Washington entrepreneurs have run up against a major problem: Banks won't provide them financial services or, for that matter, even accept their deposits, leaving retailers and wholesalers awash in copious amounts cash.The reason is that marijuana remains an illegal drug under federal law. As a result, banking statutes and regulations make it a crime for financial companies to handle the proceeds of any business engaged in the production, distribution, or sale of the drug. In short, it would be considered money laundering.While the coordinated guidance issued at the end of last week by the departments of Justice and Treasury doesn't change this, it does send a strong signal to financial institutions that they won't be prosecuted for providing services to the marijuana industry so long as their customers don't run afoul of eight "enforcement priorities" laid out by the Justice Department in the middle of last year.SnippedComplete Article: USA Today (US) Author: John MaxfieldPublished: February 18, 2014Copyright: 2014 USA Today, a division of Gannett Co. Inc.Contact: editor usatoday.comWebsite:  -- Cannabis Archives 

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Comment #10 posted by Hope on February 20, 2014 at 12:32:17 PT

The persecutors 
are being forced to pull back.I'm so thankful. I can almost breathe.
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Comment #9 posted by Swazi-X on February 20, 2014 at 12:19:01 PT

Better Than Nothing
But not enough.This game of sending a message, sending signals, etc. sounds encouraging but it's very misleading - a typical stalling tactic used by our masters in lieu of actually changing the law to prohibit prosecution. It's an implied promise that carries no weight when an enthusiastic prosecutor with a hard on for a win gets their paws on someone ripe for the take down. Add a substantial amount of cash up for grabs and it's even worse.I can't imagine a bank taking the bait - no matter how badly they'd like to work with the mountains of money this new industry generates. Nothing has changed - banks taking in cash from cannabis businesses will still be X-rayed and if anyone at the bank has rubbed a fed the wrong way for any reason, they'll pop up in the crosshairs of our perverted legal system as a juicy target. That's when all this messaging nonsense really shines as what it is - chin music. Remember the "Ogden Memo"? This is a skunk of the same stripe.
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Comment #8 posted by runruff on February 20, 2014 at 11:19:19 PT

Pouring the truth upon Kerli Gil!
I can hear his high pitched wail, " I'm melting, I'm melting!
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Comment #7 posted by Hope on February 20, 2014 at 09:35:47 PT

"Mountains" do crumble...
and fall into the sea.
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Comment #6 posted by FoM on February 20, 2014 at 08:43:20 PT

We are winning. I keep waiting to see a news article that moves us ahead faster. I just feel our time has come. 
[ Post Comment ]


Comment #5 posted by Oleg the Tumor on February 20, 2014 at 07:43:16 PT:

#1 FoM - Good Article!
America (and the World) needs for the Truth to come out about the prohibition of MJ."You can deny reality, but you can not deny the consequences of denying reality" 
 – Ayn Rand.Y'know at one time, Cannabis was:LEGAL AS WHEAT!
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Comment #4 posted by FoM on February 20, 2014 at 05:59:50 PT

Thank you!
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Comment #3 posted by The GCW on February 20, 2014 at 04:49:16 PT

Smart greedy politicians will catch this train.
Colorado marijuana market exceeds tax hopes, says Governor John Hickenlooper saw this headline in the Denver Post-0-I'd imagine this will get national and international attention and other states will feel pangs of hunger for that cash. The new banking rules will help states move forward. The process is still going forward and We'll see increases like RE-Scheduling, banking, less fear etc.This constant positive news makes it easier for politicians to get with the program and easier to see the need to not miss this train.AND it will help deliver more votes on election day in places like Florida.
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Comment #2 posted by The GCW on February 19, 2014 at 21:14:38 PT

That was informative.
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Comment #1 posted by FoM on February 19, 2014 at 18:38:50 PT

Article From The Seattle PI Blog
Answered: Can America’s Drug Czar Tell The Truth About Marijuana?February 17, 2014URL:
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