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Author: Sundie Seefried
Publisher: Createspace Independent Publishing Platform
ISBN: 9781532856754
Category :
Languages : en
Pages : 118
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Book Description
After Colorado voters approved the sale and use of medicinal and recreational cannabis, the state's landscape was changed. Suddenly, dispensaries and grow houses were everywhere, and customers numbered in the tens, if not hundreds, of thousands. But federal laws make it difficult for cannabis businesses to open checking or savings accounts in federally insured financial institutions. It's nearly impossible for these businesses to wire funds, access lines of credit, or maintain payroll accounts. The result is an industry that has been forced to pay its bills, employees, suppliers, and taxes in cash. Briefcases and backpacks full of cash. Enter Safe Harbor Private Banking. Concerned about the risks a cash-based industryposes to public safety, it plunged into cannabis banking determined to take money off the streets and to offer law-abiding businesses a port in a turbulent sea. Its experiences serving the cannabis industry offer a primer for other bankersconsidering a similar program and for policy makers and regulators eager to bringstability to a topsy-turvy marketplace.
Author: Sundie Seefried
Publisher: Createspace Independent Publishing Platform
ISBN: 9781532856754
Category :
Languages : en
Pages : 118
Get Book Here
Book Description
After Colorado voters approved the sale and use of medicinal and recreational cannabis, the state's landscape was changed. Suddenly, dispensaries and grow houses were everywhere, and customers numbered in the tens, if not hundreds, of thousands. But federal laws make it difficult for cannabis businesses to open checking or savings accounts in federally insured financial institutions. It's nearly impossible for these businesses to wire funds, access lines of credit, or maintain payroll accounts. The result is an industry that has been forced to pay its bills, employees, suppliers, and taxes in cash. Briefcases and backpacks full of cash. Enter Safe Harbor Private Banking. Concerned about the risks a cash-based industryposes to public safety, it plunged into cannabis banking determined to take money off the streets and to offer law-abiding businesses a port in a turbulent sea. Its experiences serving the cannabis industry offer a primer for other bankersconsidering a similar program and for policy makers and regulators eager to bringstability to a topsy-turvy marketplace.
Author: Dominic Suszek
Publisher: Createspace Independent Publishing Platform
ISBN: 9781548405885
Category :
Languages : en
Pages : 56
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Book Description
The growth of the cannabis industry has been well documented over the past several years, as a growing number of states continue their movements to adopt the legalized sale and usage of one of the most popular medicinal and recreational drugs in the United States. However, while many believed that the cannabis industry had the potential to be rather successful, few could have envisioned the boom that has been seen within this market over the past several years, as legal cannabis sales are set to top the $5 billion mark for the third straight year in 2017. Yet analysts believe that these margins will only continue to increase in the years to come, conceivably by as much as a whopping 30% annually. While every successful industry must deal with distinctive pitfalls, those surrounding the marijuana industry are far more complex than others. As matters currently stand, marijuana businesses have a hard time to obtain banking services due to federal laws restricting banks and credit unions from taking marijuana funds. These limitations leave organizations within this industry - some bringing in upwards of several million dollars a year - to function on a "cash-only" basis, leaving them susceptible to frequent crime. While some local financial institutions have begun to serve operators within this industry following the recent guidance provided by the U.S. Justice Department, the risk remains high for dealing with companies operating in a drug-centered business, specifically due to its close ties to the illegal drug trade and gang-related activity. With the regulatory climate governing U.S. financial institutions continues to advance, the scope of responsibilities that have fallen upon compliance departments are now greater than ever before. Compliance-related tasks with a direct correlation to the cannabis industry would include vigilant client and transaction monitoring, as well as strict suspicious activity reporting requirements, each of which would demand a significant amount of time, money, and other resources to be performed adequately. While the benefits could be twofold for financial institutions and cannabis companies alike should there be cooperation between the two, the unknown factors surrounding such a partnership are too perilous to be ignored. This handbook, the latest in a series of comprehensive works written by author and CEO of Global RADAR, Dominic Suszek, is the premier source for information regarding the marijuana industry and all that it entails from the standpoint of those operating in the financial services sector. Banking Marijuana is the first text of its kind to tackle a subject matter of this nature, and should be utilized as a potent tool by financial service providers to grow accustomed to an industry with the power to change banking procedures across the globe.
Author: Erin O'Donnell
Publisher: Wiley
ISBN: 9781394276264
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Unlock the financial potential of the cannabis industry Cannabis Banking: Legal Frameworks and Practical Solutions for Cultivating Compliance offers a deep dive into a critical issue facing cannabis businesses worldwide: the challenge of accessing essential financial and banking services. Written by a team of experienced finance professionals and entrepreneurs, this guide is tailored to demystify the complex world of banking regulations and present practical solutions for cannabis enterprises. As the cannabis sector continues to expand at an unprecedented rate, many businesses find themselves hindered by regulatory uncertainties, preventing them from accessing the financial services necessary for growth. Cannabis Banking not only addresses these challenges but also opens the door for finance professionals, entrepreneurs, and investors to explore substantial business opportunities within the industry. You'll also find: Detailed discussions on the pending SAFER legislation that grants safe harbor to banks who do business with cannabis enterprises Strategies for maintaining compliance and optimizing fiscal opportunities when banking cannabis firms Up-to-date guidance, practical tips, and real-world case studies of cannabis finance and banking Whether you are a bank and credit union personnel, compliance officer, risk analyst, or fintech professional involved with the cannabis sector, Cannabis Banking is your go-to resource for navigating the complexities of cannabis finance. Equip yourself with the knowledge to foster efficient, compliant financial operations and propel your cannabis business or financial career forward.
Author: Harmony Prakash
Publisher: Independently Published
ISBN:
Category :
Languages : en
Pages : 116
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Book Description
This book provides clear guidelines for establishing a program and is highly recommend as a stepping-off point for financial institutions seeking to enter the world of marijuana business banking. After Colorado voters approved the sale and use of medicinal and recreational cannabis, the state's landscape was changed. Enter Safe Harbor Private Banking. Concerned about the risks a cash-based industry poses to public safety, it plunged into cannabis banking determined to make money off the streets and to offer law-abiding businesses a port in a turbulent sea. Its experiences serving the cannabis industry offer a primer for other bankers considering a similar program and for policymakers and regulators eager to bring stability to a topsy-turvy marketplace.
Author: Joe Corathers
Publisher: Independently Published
ISBN:
Category :
Languages : en
Pages : 116
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Book Description
This book provides clear guidelines for establishing a program and is highly recommend as a stepping-off point for financial institutions seeking to enter the world of marijuana business banking. After Colorado voters approved the sale and use of medicinal and recreational cannabis, the state's landscape was changed. Enter Safe Harbor Private Banking. Concerned about the risks a cash-based industry poses to public safety, it plunged into cannabis banking determined to make money off the streets and to offer law-abiding businesses a port in a turbulent sea. Its experiences serving the cannabis industry offer a primer for other bankers considering a similar program and for policymakers and regulators eager to bring stability to a topsy-turvy marketplace.
Author: Charles S. Alovisetti
Publisher: Routledge
ISBN: 1000282600
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
As the largely illicit cannabis market transitions to a legal, regulated industry, the "canna-curious" and experienced industry participants alike are experiencing the harsh truth: Making a fortune in the legal cannabis industry is a challenge made even more difficult by a complex patchwork of state and federal laws. The Cannabis Business clears the confusion around topics such as the distinction between hemp and cannabis and why it matters for consumers and regulators, why CBD isn’t completely legal in the U.S., why and how states differ in their licensing processes, and how deal structuring is impacted by state regulations. Written by attorneys from the nation’s leading cannabis law and policy firm, this comprehensive primer on all things cannabis law is a must-have for anyone seeking to understand the major practical legal issues facing the cannabis industry in the U.S.
Author: Stan Sater
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
Cannabis is no longer a movement. It is an industry estimated to be worth $50 billion as of January 2019. Currently, 46 states in the United States (the “U.S.”) have laws permitting or decriminalizing marijuana or marijuana-based products. Many of these states are enacting these marijuana legislative updates through voter-initiated referendums. More people than ever before are showing their support for legal marijuana by enacting the laws they want. These states are the laboratories of democracy for the cannabis industry. Despite the increased legalization of marijuana, marijuana-related businesses (“MRBs”) suffer from another obstacle hindering their growth: access to the federal banking system. This paper explores the financial institution regulations keeping cannabis as a predominately cash-only business and the limitations of using FinTech to solve the cannabis banking problem. Ultimately, this problem is one only Congress can solve.
Author: Nikki Furrer
Publisher: Workman Publishing Company
ISBN: 1523505087
Category : Health & Fitness
Languages : en
Pages : 273
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Book Description
A handbook for understanding and using marijuana, written just for women--whether they're using it for medicinal relief or for pleasure. This book is like having a knowledgeable salesperson across the counter at a dispensary who can hand-sell you a product to fit your mood and tastes--because author Nikki Furrer is that person as a producer and distributor of marijuana products to dispensaries. The book answers the questions that Nikki receives from women every week.
Author:
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 25
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Book Description
Author: Jonathan H. Adler
Publisher: Brookings Institution Press
ISBN: 0815737904
Category : Political Science
Languages : en
Pages : 157
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Book Description
On marijuana, there is no mutual federal-state policy; will this cause federalism to go up in smoke? More than one-half the 50 states have legalized the use of marijuana at least for medical purposes, and about a dozen of those states have gone further, legalizing it for recreational use. Either step would have been almost inconceivable just a couple decades ago. But marijuana remains an illegal “controlled substance” under a 1970 federal law, so those who sell or grow it could still face federal prosecution. How can state and federal laws be in such conflict? And could federal law put the new state laws in jeopardy at some point? This book, an edited volume with contributions by highly regarded legal scholars and policy analysts, is the first detailed examination of these and other questions surrounding a highly unusual conflict between state and federal policies and laws. Marijuana Federalism surveys the constitutional issues that come into play with this conflict, as well as the policy questions related to law enforcement at the federal versus state levels. It also describes specific areas—such as banking regulations—in which federal law has particularly far-reaching effects. Readers will gain a greater understanding of federalism in general, including how the division of authority between the federal and state governments operates in the context of policy and legal disputes between the two levels. This book also will help inform debates as other states consider whether to jump on the bandwagon of marijuana legalization.
