Holder Announced A Major Shift On U.S MJ Policy
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Holder Announced A Major Shift On U.S MJ Policy
Posted by CN Staff on January 24, 2014 at 06:10:47 PT
By David Ingram, Reuters
Source: Reuters
Washington, D.C. -- U.S. treasury and law enforcement agencies will soon issue regulations opening banking services to state-sanctioned marijuana businesses even though cannabis remains classified an illegal narcotic under federal law, Attorney General Eric Holder said on Thursday.Holder said the new rules would address problems faced by newly licensed recreational pot retailers in Colorado, and medical marijuana dispensaries in other states, in operating on a cash-only basis, without access to banking services or credit.
Proprietors of state-licensed marijuana distributors in Colorado and elsewhere have complained of having to purchase inventory, pay employees and conduct sales entirely in cash, requiring elaborate and expensive security measures and putting them at a high risk of robbery.It also makes accounting for state sales tax-collection purposes difficult."You don't want just huge amounts of cash in these places," Holder told the audience at the University of Virginia. "They want to be able to use the banking system. And so we will be issuing some regulations I think very soon to deal with that issue."Holder's comments echoed remarks by his deputy, James Cole, in September during a Senate Judiciary Committee hearing on Capitol Hill.Colorado this month became the first state to open retail outlets legally permitted to sell marijuana to adults for recreational purposes, in a system similar to what many states have long had in place for alcohol sales.Washington state is slated to launch its own marijuana retail network later this year, and several other states, including California, Oregon and Alaska, are expected to consider legalizing recreational weed in 2014.The number of states approving marijuana for medical purposes has also been growing. California was the first in 1996, and has since been followed by about 20 other states and the District of Columbia.But the fledgling recreational pot markets in Colorado and Washington state have sent a new wave of cannabis proprietors clamoring to obtain loans and make deposits in banks and credit unions.The Justice Department announced in August that the administration would give new latitude to states experimenting with taxation and regulation of marijuana.But with the drug still outlawed at the federal level, banks are barred under money-laundering rules from handling proceeds from marijuana sales even in states where pot sales have been made legal.The lack of credit for marijuana businesses, however, poses its own criminal justice concerns, Holder said."There's a public safety component to this," he said. "Huge amounts of cash - substantial amounts of cash just kind of lying around with no place for it to be appropriately deposited - is something that would worry me just from a law enforcement perspective."Holder did not offer any specifics on a timeline for action on banking services for marijuana. Cole in September said the Justice Department was working on the issue with the Treasury Department's financial crimes enforcement network.Critics of liberalized marijuana laws have said the lack of credit faced by pot retailers was beside the point."We are in the midst of creating a corporate, for-profit marijuana industry that has to rely on addiction for profit, and that's a much bigger issue than whether these stores take American Express," said Kevin Sabet, co-founder of the anti-legalization group Smart Approaches to Marijuana. Reporting by David Ingram in Charlottesville, Virginia; Writing by Alex Dobuzinskis; Editing by Steve Gorman and Lisa ShumakerSource: Reuters (Wire)Author:   David Ingram, ReutersPublished: January 24, 2014Copyright: 2014 Thomson ReutersCannabisNews  -- Cannabis Archives 
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Comment #26 posted by The GCW on January 30, 2014 at 20:32:37 PT
Fully legalize cannabis use
US TX: PUB LTE: Fully legalize marijuana use Webpage: soon to MAPDecriminalizing cannabis (marijuana) doesn’t go far enough (“Perry defends states’ right to legalize marijuana,” Jan. 24). It’s time to completely re-legalize the plant.Another reason to stop caging responsible adult cannabis users that doesn’t get mentioned is that it’s biblically correct since God (the Ecologian) created all the seed-bearing plants, saying they’re all good on literally the very first page of the Bible.A sane or moral argument to continue cannabis prohibition doesn’t exist.Stan White
Dillon, Colo.
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Comment #25 posted by Hope on January 26, 2014 at 11:50:57 PT
Thank you.
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Comment #24 posted by Hope on January 26, 2014 at 11:50:22 PT
Comment 20 The GCW
You seriously, made me yelp for joy.I expect that you can, my brother.
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Comment #23 posted by Garry Minor on January 26, 2014 at 08:16:11 PT:
Runruff! About the God thing!
From "Early Diffusion and Folk uses of Hemp" by Sula Benet the history of hemp in terms of cultural contacts,
the Old Testament must not be overlooked since it provides one of the oldest and most important written source materials.
In the original Hebrew text of the Old Testament there are
references to hemp, both as incense, which was an integral part of religious celebration, and as an intoxicant (Benet1936) Cannabis as an incense was also used in the temples of Assyria and Babylon "because its aroma was pleasing to the Gods." (Meissner 1925 (II): 84).Both in the original Hebrew text of the Old Testament and in the Aramaic translation, the word 'kaneh' or ' keneh' is used either alone or linked to the adjective bosm in Hebrew and busma in Aramaic, meaning aromatic.
It is 'cana' in Sanskrit, 'qunnabu' in Assyrian, 'kenab' in
Persian, 'kannab' in Arabic and 'kanbun' in Chaldean.
In Exodus 30: 23, God directed Moses to make a holy oil
composed of "myrrh, sweet cinnamon, kaneh bosm and kassia."
In many ancient languages, including Hebrew, the root 'kan' has a double meaning --- both hemp and reed.In many translations of the Bible's original Hebrew, we find
'kaneh bosm' variously and erroneously translated as "calamus" and "aromatic reed," a vague term.
Calamus, (Calamus aromaticus) is a fragrant marsh plant.
The error occurred in the oldest Greek translation of the
Hebrew Bible, Septuagint, in the third century B.C., where
the terms 'kaneh, kaneh bosm' were incorrectly translated as "calamus."
And in the many translations that followed, including Martin Luther's, the same error was repeated.In Exodus 30: 23 'kaneh bosm' is translated as "sweet calamus."
In Isaiah 43: 24 'kaneh' is translated as "sweet cane."
although the word "sweet" appears nowhere in the original.
In Jeremiah 6: 20 'kaneh' is translated as "sweet cane."
In Ezekiel 27: 19 'kaneh' is translated as "calamus."
In Song of Songs 4: 14 'kaneh' is translated "calamus."Another piece of evidence regarding the use of the word
'kaneh' in the sense of hemp rather than reed among the
Hebrews is the religious requirement that the dead be buried in 'kaneh' shirts.
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Comment #22 posted by runruff on January 25, 2014 at 23:29:54 PT
I am sure you have done much already!
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Comment #21 posted by The GCW on January 25, 2014 at 21:12:11 PT
POLL:Do you agree with Gov. Rick Perry support for decriminalizing marijuana in Texas?Yes / No
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Comment #20 posted by The GCW on January 25, 2014 at 19:22:09 PT
Convince Texans God aproves cannabis? 
I'll see what I can do.
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Comment #19 posted by FoM on January 25, 2014 at 17:32:36 PT
I know it has been hard for you and others in Texas when it comes to marijuana reform. Maybe your Governor saying what he did will help open eyes.
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Comment #18 posted by Hope on January 25, 2014 at 11:17:25 PT
The war in Texas.
It's been hard. Many people have been needlessly terrorized and had their lives and futures ruined. Most can never overcome it. People on boths sides have been killed. Many people have been put in cages. Some for outrageously long times. People have been literally robbed. Property and money seized by the government on the lamest of excuses.The "Know-it-alls" that did all this are still around. They still have a lot of power. I think they should be ashamed and publicly avow that their policy has been a mistake. A bad one, and that it needs to be corrected. Some will never admit to having been deceived by hatred, distrust, and anger. Some will never admit to being wrong. Ever. About anything. 
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Comment #17 posted by schmeff on January 25, 2014 at 09:41:31 PT
Hey Texas, God Approves!
Should be easy enough, if what runruff says is true. God affirms his approval in the first chapter of his manifesto.
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Comment #16 posted by runruff on January 25, 2014 at 09:36:46 PT
The Texas Jihad.
Texas is a fun-da-mentalist stronghold. The trouble down there is, you have to convince the people that god approved of cannabis before the fed decided that they know better than god.Once we turn that ship around, Texas is ours! 
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Comment #15 posted by John Tyler on January 25, 2014 at 08:03:31 PT
policy statements 
All of these policy statements are like trial balloons. A new policy is pronounced and then they see if it is noticed and what kind of reaction is generated. If the public reaction is generally positive they can proceed, if not they can back off and no political damage is done. Obama’s “cannabis is less harmful than alcohol” statement got good reviews. Next step, make banking rule changes. Now, Rick Perry makes a vague pro-decimalization statement from a high brow party/confab in Switzerland.  How is that going to go over in Texas? If it goes well, which I think it will, we will hear more decrim talk from the Texas gov and others. Here is a political truth, a whole lot of people (tens of millions), that is to say voters, whether they are East, or West, or North, or South, conservatives, or way less so, can all agree on their enjoyment of cannabis. Even those who don’t enjoy the plant at least concede that it is not bad and the Drug War is a failed policy and change is needed. Note to politicians: Whether you are for or against cannabis, if you want to remain on the public payroll, do not be on the wrong side of this issue. Full legalization is where the money is. I know you guys can follow the money and figure out a way to do the right thing.
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Comment #14 posted by Oleg the Tumor on January 25, 2014 at 06:27:37 PT:
Hamilton Goes Two-out-of-three with Burr! 
Pow! Right between the eyes!
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Comment #13 posted by johnobonno on January 24, 2014 at 16:23:05 PT:
I wonder what will happen
when all the other banks want to play.
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Comment #12 posted by FoM on January 24, 2014 at 11:40:19 PT
Goodnight Gracie! LOL!
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Comment #11 posted by runruff on January 24, 2014 at 11:05:32 PT
"There is no more they can say!"
Except: "Say goodnight Gracie!"
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Comment #10 posted by FoM on January 24, 2014 at 11:00:56 PT
I agree that the money is what will push us over the top. The world didn't end when Colorado stepped out into the limelight! There is no more they can say!
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Comment #9 posted by MikeEEEEE on January 24, 2014 at 10:20:38 PT
Show me the money!!!!!!!!!!
It's all about the money, always wa$. 
Now I know prohibition part II is over.
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Comment #8 posted by FoM on January 24, 2014 at 09:54:25 PT
He is just a spokesman trying to keep the wolves from attacking.
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Comment #7 posted by FoM on January 24, 2014 at 09:53:05 PT
That is amazing. Maybe now it will spread from the North to the South and the East to the West!
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Comment #6 posted by schmeff on January 24, 2014 at 09:37:30 PT
Presidential spokesperson Jay Carney.
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Comment #5 posted by schmeff on January 24, 2014 at 09:34:26 PT
Read That Headline Again
This comes only two days after presidential spokesperson Drew Carney announced that Obama's remarks on cannabis DID NOT signal a change in policy.As observer remarked, "They've denied it, so it must be true."
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Comment #4 posted by Hope on January 24, 2014 at 09:32:16 PT
And this just nearly took my breath when I ran on to it. There's a poll, too.Gov. Rick Perry for decriminalization of pot
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Comment #3 posted by FoM on January 24, 2014 at 08:43:45 PT
I will call this development amazing!
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Comment #2 posted by HempWorld on January 24, 2014 at 08:18:52 PT
I would use this word to describe current events!
Hemp Store
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Comment #1 posted by runruff on January 24, 2014 at 08:14:43 PT
The new American pariah.
Prohibition has become unpopular among the peeps.It is melting away fasted than a slurpy in july.
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