Colorado Monthly Marijuana Sales Top $100,000,000 with No Banking Partners in Sight
The Colorado Department of Revenue released data showing recreational pot sales at $59.2 million in August, with medical marijuana dispensaries reaching $41.4 million for a total of $100.6 million in sales overall. "It means that $100 million is going to licensed, taxpaying businesses, creating jobs and helping to build new schools," Dan Riffle, director of federal policies for the Marijuana Policy Project, told Yahoo News, "Instead of going to cartels and drug dealers - as is the case in the 46 states that don't regulate marijuana." In spite of the sales, marijuana businesses haven't....
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Bitcoin and marijuana, at least in terms of US legal issues, have more in common than you might think. Consider the situation that has developed in the state of Colorado: on 1st January it became the first US state to allow the sale of recreational marijuana. Customers who can identify themselves as aged 21 or older can now walk into a dispensary and buy the drug in regulated quantities. The Colorado vote on legalization was pretty divisive. Source: Wikipedia. An increasingly informed and engaged populace is influencing trends like this one. The web, alongside mobile devices and social....
September 9th 2013 the Colorado Department of Revenue created the final regulations for Marijuana use and sale, implementing the Colorado Retail Marijuana Code. January 1st 2014 the first official stores has opened for Marijuana sale. The twist however is that you cannot pay for the legal Marijuana with your VISA or Mastercard. You can only use hard cash or Bitcoin. Matt Miller from Bloomberg explains that: You can only spend cold hard cash, you cant pay for your weed even for medical use with a credit or debit card. I guess the Banks are unwilling to get into this business yet. The host....
Across the United States, cannabis operations are now becoming common. However, cannabis business owners from fully-legalized states such as Washington and Colorado are having a hard time cashing in on their frowned-upon weed businesses. According to Motherboard, one Colorado hemp farmer is turning to bitcoin and teaching others how to leverage the....
Federal Reserve has officially rejected a financial institution's request to serve the medical marijuana industry's banking needs in Colorado. The request, that was filed in November by the Fourth Center Credit Union (FCCU), was seeking to create a "master account" that would act as an interactive platform between the state-licensed marijuana businesses and banking institutions. It had received the governor's backing when it decided to bring expert money laundering officials to build the policies. Having received the state license, the FCCU was only waiting for the Fed's approval to begin....
At least one marijuana dispensary in Colorado has reportedly begun accepting bitcoin. Colorado's decision to legalize cannabis has been filling headlines for weeks, and the hype is still going strong. Investors have been piling up in the marijuana market, ranging from reputable medicinal marijuana companies to highly speculative penny stocks. The general public seems to be very interested indeed - outside some dispensaries the queues of pot lovers are incredibly large, resembling the lines frequently formed in front of Apple Stores following an iPhone launch. However, there are a number of....