Cannabis businesses will now face the challenge of landing marijuana friendly bank accounts. This can be a difficult challenge, but there are some steps that businesses can take today that will boost their odds of getting a marijuana bank account.
And the state has already worked out a solution to the industry’s limited access to banking, he added. “We’re going to start off with a cashless system,” deBin said. “There’s a startup here by some local Arkansas guys called MediPays, and it’s both for consumer and business-to-business. It will involve an app where patients can purchase their medicine through the app, and it also allows for cashless, electronic payments for dispensaries [and] cultivators.
Three men wearing hoodies and ski masks entered the dispensary around closing time, at 11:30 pm, proceeding to pistol whip one defiant employee and make off with the spoils of their robbery. Police are still searching for the suspects, and the dispensary was closed for several days afterward.
It seems every few months lately we hear about a new bill introduced to address the conflict between federal law and the laws of the now 29 states that have legalized marijuana. Nevertheless, these bills never seem to make it out of committee. Public sentiment, and even sentiment in the highest levels of government, is shifting in favor of solutions for a growing $9 Billion industry.
“The CDC conceded that cannabinoids derived from marijuana were extremely effective in treating chemotherapy-related pain and nausea. It’s also been shown to relieve anxiety and loss of appetite. But the most eye-opening admission the CDC made was that cannabis has actually been shown to kill cancer cells. That’s right. Cannabis can kill cancer cells.”
“Every day, various medications are prescribed to Americans for all sorts of ailments and painful symptoms. Many of these very legal forms of medicine come with harsh side effects and a serious risk of addiction. But there’s an alternative that can treat pain, reduce the severity of certain ailments and does not carry with it the risk of death due to addiction.”
With a surplus of cash and cannabis products always on hand, dispensary locations are prime targets for robbery. Washington state saw a number of cannabis shop break-ins in 2017 and the trend has continued in 2018, reinforcing concerns about having a cash-only industry and the lack of banking options for cannabis companies.
On Friday, the Arkansas Medical Marijuana Association answered some of the biggest questions about the new business at a free symposium.
“I have had a few customers who think they should take out their money and put it in a coffee can in the backyard,” he said. “I have been advising them that that is not a good plan.”
early a year after lawmakers began the process of writing new laws for the state’s controversial medical marijuana industry, the arduous and complicated task of issuing the state’s first growing and cultivation facilities will begin in earnest this week.
Need to qualify as a patient for medical marijuana in Arkansas but don't know how? Below is an easy step by step guide on getting your Arkansas Medical Marijuana ID.
In order to qualify as a medical marijuana patient in the State of Arkansas - patients must be certified to suffer from one of the following conditions...
Republican congressional leadership is blocking consideration of a measure to allow marijuana businesses to deposit their profits in banks.
Many financial institutions are currently afraid to serve cannabis businesses that are legal in a growing number of states because of ongoing federal prohibition and the associated risk of running afoul of money laundering and drug laws.
As a result, many marijuana growing, processing and retail operations carry out business on a cash-only basis, making them targets for robberies.
Aside from a lack of supportive federal legislation to legalize medicinal or recreational marijuana sales, the appropriately-named “marijuana banking problem” is without a doubt the largest hindrance to the legal marijuana industry. The legal marijuana industry is projected to be a $50 billion industry nationally by the year 2026, and the financial sector is eager to take part in the market. However, the federal regulatory and enforcement regime makes many financial institutions understandably skittish to step up to help businesses in the marijuana sector with simple services taken for granted by virtually every other industry. For example, some financial institutions have refused to provide services to the industry altogether, making acquiring a bank account extremely difficult.