Economic Considerations: Colorado exceeds 5 million in recreational cannabis sales in one week

Banks Say No to Marijuana Money, Legal or Not

"Legal marijuana merchants like Mr. Kunkel — mainly medical marijuana outlets but also, starting this year, shops that sell recreational marijuana in Colorado and Washington — are grappling with a pressing predicament: Their businesses are conducted almost entirely in cash because it is exceedingly difficult for them to open and maintain bank accounts, and thus accept credit cards."

http://mobile.nytimes.com/2014/01/12/us/banks-say-no-to-marijuana-money-legal-or-not.html?_r=0&referrer=

According to the News report I watched early this AM..............any FDIC banks were considering the ramifications between the state and federal laws about this. Guess we will see how it plays out. Eventually!

U.S. to adjust rules to let banks handle marijuana money -Holder

Jan 23 (Reuters) - 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.

http://www.reuters.com/article/2014/01/24/usa-marijuana-banking-idUSL2N0KY03D20140124

How legal marijuana could be the next great American industry
As legalized marijuana sales take off in Colorado, here's what a pot business model and mature marketplace might look like.

Twenty states and the District of Columbia allow medical marijuana—and New York Gov. Andrew Cuomo announced a medical marijuana plan in his State of the State speech last week.

But voters in Colorado and Washington state went a step further in 2012, becoming the first in the nation to legalize small plant amounts for adult recreational use and to regulate it like alcohol. Colorado sales began on New Year's Day. Marijuana retailers are scheduled to open in Washington state later this year.

Amid this historic backdrop, a small merchant-focused pot industry is growing, alongside forerunners to national—potentially public—cannabis companies. The legal marijuana sector could unfold and function like the beer industry, with small batch varieties nabbing market share amid larger brands.

http://video.cnbc.com/gallery/?video=3000235803

For now, mass cannabis production and scalable business models aren't as vigorous as they could be because marijuana remains illegal under federal law. Banks and credit card companies are prohibited from processing pot business transactions, according to federal rules.

But working within state guidelines, scrappy entrepreneurs are moving forward with ambitious cannabis business strategies. They see potential for big sales and profits—especially if more mid-sized businesses can transition to large, national brands.

Wealthy individual investors already are tapping private equity firms for a bite of the potentially lucrative marijuana business.

"Our investors are from the far left and the far right," said Brendan Kennedy, chief executive of Privateer Holdings, a cannabis-focused private equity firm. "There's old money and new money. You put them in a room and they wouldn't agree on anything else but this issue," Kennedy said. Seattle-based Privateer also acquired Leafly.com, which offers online reviews of cannabis strains and dispensaries.

Forget gold rush: A billion-dollar green rush

In a new analysis on the marijuana marketplace, San Francisco-based angel investor network ArcView Group forecasts a 64 percent surge in the legal U.S. cannabis market to $2.34 billion by 2014. The five-year national market could grow to $10.2 billion amid rising demand and potentially new state markets, according to ArcView forecasts.

Supporters of legalized marijuana are pushing for ballot measures in Alaska and California.

"There's been a remarkable evolution in the cannabis industry," said Steve Berg, editor at ArcView Market Research. ArcView offers start-up funds to cannabis businesses. "While certain people do still smoke joints, many other formats used are constituting an increasing portion of the market," Berg said.
New marijuana ingestion methods beyond smoking are helping to drive cannabis' growth. Marijuana concentrates are the fastest growing category of products. Oil extracted from raw cannabis also can offer exact dosing for medicinal purposes, including the treatment of chronic pain. Nonsmoking technologies include vaporization, edibles and capsules.

In the midst of this social experiment to abolish cannabis prohibition, entrepreneurs are jumping into a Wild West-like landscape of marijuana market opportunities. They're hoping for a first-mover advantage. This new gold rush sometimes is referred to as a "green rush," led by "ganjapreneuers."

Beyond actual pot production and sales, more ancillary businesses are emerging, including security, insurance and e-commerce companies that support the legal marijuana supply chain.

http://www.cnbc.com/id/101314084

The Feds have also decided to overlook the issues for the banks as well.

http://consumerist.com/2014/01/24/federal-government-to-issue-new-guidelines-for-banks-dealing-with-legal-marijuana-businesses/

Looks like there's a facebook started for this issue in the VI

https://www.facebook.com/pages/Legalize-Marijuana-and-Hemp-in-The-US-Virgin-Islands/321746481206593

Looks like there's a facebook started for this issue in the VI

https://www.facebook.com/pages/Legalize-Marijuana-and-Hemp-in-The-US-Virgin-Islands/321746481206593

Yeah but the last post is from 2012. I know people have discussed it off and on in the St. Croix Think Tank.

After the novelty wares off, it will still be a good industry; however there are real, tangible benefits in early adoption. Clearly we are seeing the start of an avalanche movement.

Ganjapreneurs Flock to Colorado Following Marijuana Legalization
From "Cannabranders" to The Medicine Man, everyone’s rushing to cash in on the green in colorful Colorado.
“The future is so bright, I gotta wear shades,” croons Peter Williams, the 46-year-old chief of operations at a Denver dispensary that hopes to be known as the IKEA of Weed.

Spoken amidst blinding high-voltage light at The Medicine Man’s 20,000 square-foot grow facility, Williams’ reference is appropriate. Thousands of baby cannabis green plants are blooming—but the vision of what they’ll reap has already blossomed. Despite being one of the largest dispensaries in Colorado, Medicine Man will soon double in size. Call Williams—and his co-owner brother Andy— “ganjapreneurs.” But they’re not the only ones.

Just 27 days after Colorado opened the doors to recreational marijuana stores, gutsy weed pioneers are flooding the centennial state. From tour guides to chefs, glass blowers to club owners, they each tout different talents to hit the jackpot.

Poll: Majority of Americans support efforts to legalize marijuana

Legalize It -- The Economic Argument
This Sunday's Super Bowl XVIII -- a.k.a. the Smoke-a-Bowl, the Chronic Bud Bowl, the Super Party Bowl, etc. -- has aroused considerable interest among non-football fans as the competition is between the teams in the two states where marijuana became legal this year. Just as the Super Bowl is a monument to commerce, arguments about legalizing marijuana tend to contain a lot of dollar signs. Proponents point to higher tax revenues, "pot tourism," and lower law enforcement costs.

I can think of a lot of health therapy benefits that would come along with this movement as well.

for example:

http://www.youtube.com/watch?v=7xPmR8j4plw

Raw cannabis= Immune modulating, anti-inflammatory, antioxidant, anti-tumor/ anti-cancer, pain-relieving, anti-diabetic, antispasmodic, anti-anxiety and so much more!

----------------------------------------­----------------------------------------­---

*ABOUT THIS VIDEO*

Leaf introduces Dr. William Courtney and Kristen Peskuski of Cannabis International; along with the people involved in researching, promoting, regulating and benefiting from raw cannabis.

Dr. Courtney is a physician and researcher from Mendocino, California, who gives medical marijuana approvals to qualified patients in Mendocino and Humboldt Counties. Kristen Peskuski is a researcher and patient who put her systemic lupus, rheumatoid arthritis, interstitial cystitis, and numerous other conditions into remission juicing fresh cannabis.

They help make sense of the science behind patient's recoveries from a diverse range of medical conditions. Attorneys, physicians, law enforcement, medical care providers, patients and their families discuss their experiences with medical cannabis. They specifically focus on juicing fresh cannabis, which is non-psychoactive and contains medical properties 200-400 times stronger than traditional, heated cannabis.

Patients have reported success with osteo and rheumatoid arthritis, autoimmune disorders, cancer and many other conditions using this unique therapy.

Please check out http://www.cannabisinternational.org for more information.

Also in regards to the Amsterdam reference - the Netherlands don't seem to be too thrilled with the subject of legalized pot. There's a few newish laws (2012) that require a "drug passport" for buying pot in coffee shops and they are talking about bannig the sale of it to tourist. I read online that one of the problems too is the potency of it. People are creating strains that are 15-20% stronger in THC. These are the things that you have to think about - there are a lot of negatives also.

Part of that had to do with the UltraConserative govt at the time. The Netherland laws have always had some grey areas with regards to the issue, then again as a Minister of Health in Holland was once quoted " We have succeeded in making pot boring". The Netherlands also has less than 1/2 the usage rate per capita than the US across all age groups

For those in support or even curious please come down to Hull Bay tomorrow from 11 until - ... USVI NORML is presenting Support De Ting , A chance to hear what USVI NORML is about and a open house to learn and discuss the issues regarding the ending of Prohibition in the VI

For those in support or even curious please come down to Hull Bay tomorrow from 11 until - ... USVI NORML is presenting Support De Ting , A chance to hear what USVI NORML is about and a open house to learn and discuss the issues regarding the ending of Prohibition in the VI

I'll guess Hull bay is on STT... I emailed USVI NORML and never got a response, can you update on how this went and what happend?

Looks like there's a facebook started for this issue in the VI

https://www.facebook.com/pages/Legalize-Marijuana-and-Hemp-in-The-US-Virgin-Islands/321746481206593

Yeah but the last post is from 2012. I know people have discussed it off and on in the St. Croix Think Tank.

The official facebook page for USVI NORML is https://www.facebook.com/usvi.norml, we are also on twitter and other social media sites. Please feel free to check us out.....

I'll guess Hull bay is on STT... I emailed USVI NORML and never got a response, can you update on how this went and what happend?

There is a article in the Daily News that covered the Event

The event started at 11 am and went quite well. We had numerous local vendors that were showcasing local arts and crafts and also had some stuff for kids in there. Starting at 4:20 the event moved more towards adults with 4 local bands playing until almost midnight. Our booth that was set up in the middle of the area had samples of various Hemp products including a HempCrete building block and was also running a series of educational videos on a wide variety of subjects such as medicinal use, the various uses for Hemp, and discussions from LEAP and others about how Prohibition of Marijuana is a failed endeavor.

On this we agree.
Destination weddings make big money. And we should be on the correct side of history.

And marijuana legalization not only provide income, (sales tax will capture the gray economy), but it takes a drug dealer out of a job. And it ends the Jim Crow of having non violent offenders out of productive lives and voting rights. Smoking pot if you are not driving is a victimless act.

If anything should be illegal, it should be alcohol.

The next victimless crime is prostitution. I don't feel as strongly. Provide them a medallion like the taxi drivers get and demand health cards every two weeks.

So I don't know if he is serious or sarcastic. But I agree. Rum, milk, and oil were a bust for Stx so we have to think outside the box and and not be the last to do the inevitable. Or else we will be importing weed from the states along with all of our food.

18 congress members send a letter to Pres. B.Obama for the removal of Cannabis after hearing his remarks that do not support current laws during an interview with the New Yorker.

Interesting read, they really called him out on some hypocrisy:
http://blumenauer.house.gov/images/stories/2014/02-12-14%20Blumenauer%20Rescheduling%20Letter.pdf

If we don't legalize marijuana now, we will be importing it in a couple of years.

The goverment can do whatever it wants on this subject. I don't really care.

The one thing they can't do is require me to hire someone that fails a drug test.

Agreed

The goverment can do whatever it wants on this subject. I don't really care.

The one thing they can't do is require me to hire someone that fails a drug test.

Agreed

Which drug? Nicotine? Or alcohol? No one is asking anyone to hire anyone who uses marijuana. No Colorado employer is forced to hire anyone who uses anything.

Which drug? Nicotine? Or alcohol? No one is asking anyone to hire anyone who uses marijuana. No Colorado employer is forced to hire anyone who uses anything.

To some of us the "drug test" criteria is quite funny..... Nicotine, Alcohol, Caffeine, Aspirin, it's all a matter of perspective isn't it? non smokers judge smokers, non drinkers judge drinkers, non Cannabis uses judge cannabis users... can we just stop Judging for ONE SECOND and realize that these people are not hurting anyone?

for those that are religious, this is the HIGHEST Hippocratic stance.

How about cocaine or Meth? those drugs are out of your system IN HOURS, the ONLY..... O N L Y ones that get caught by drug tests are Cannabis users due to the longevity of the testable substances in your blood, even alcoholics can quit for a matter of hours and you'll never know...

So, what is being discriminated against, The one natural substance that has never, EVER, killed anyone in the history of it's use? (yeah, look it up, this shit is the epitome of "harmless") or are you still enjoying a drink or two on the weekend and "poo-poo'ing" those who partake of a natural plant.

I saw the NORML booth at the AgFest this weekend, talked to Barb and the crew there; sounds like they are working with Sen. Nelson and had some great ideas...

in world news:

Mexican lawmakers present medical marijuana bill
http://www.reuters.com/article/2014/02/19/us-mexico-marijuana-idUSBREA1I03I20140219

Marijuana Legalized in South Africa? The Odds Are Looking Good
http://www.belowthelion.co.za/weed-legalized-in-south-africa-a-very-possible-possibility/

Rhode Island is Ready to Legalize Marijuana
http://cranston.patch.com/groups/politics-and-elections/p/op-ed-rhode-island-is-ready-to-legalize-marijuana

Bill to legalize medical marijuana in Iowa introduced
http://www.kcci.com/politics/bill-to-legalize-medical-marijuana-in-iowa-introduced/24538832#ixzz2toJuPa5B

Maryland take the leap to decriminalize or legalize marijuana
http://www.capitalgazette.com/news/general_assembly/pot-shot-will-maryland-take-the-leap-to-decriminalize-or/article_291f7c42-1e9d-5b6a-8e45-c016b7002c56.html

Marijuana Legalization Bill Introduced in Oklahoma
http://www.huffingtonpost.com/the-/marijuana-legalization_b_4728351.html

so clearly there's a building movement here.... we still could jump on the early edge of this and benefit.

Let your representatives know, vote, this is one of the few opportunities that these islands have left for economic improvement.

https://donnachristensen.house.gov/contact-me

http://www.doi.gov/oia/islands/virginislandsrep.cfm

(I'm sure there's others ways as well, I'm still learning the system)

Prepare Your 'Green' Puns: Legal Weed Is a Tax Bonanza in Colorado

How many of you fine up standing citizens who support the open use of marijuana also support the open use of tobacco or smoking?

How many of you fine up standing citizens who support the open use of marijuana also support the open use of tobacco or smoking?

well the exact implementation isn't really being discussed, in Colorado public consumption is not allowed, much like tobacco is ALMOST regulated to now.

Personally I have zero issue with tobacco use, but I do understand the desire to remove it from confined public areas; I infrequently enjoy a cigar and since my deployments to the middle east, Hookah is a very nice after dinner zero calorie desert 😉

I'm not sure how equitable the two are however, but it's an interesting correlation / question.

How many of you fine up standing citizens who support the open use of marijuana also support the open use of tobacco or smoking?

well the exact implementation isn't really being discussed, in Colorado public consumption is not allowed, much like tobacco is ALMOST regulated to now.

Personally I have zero issue with tobacco use, but I do understand the desire to remove it from confined public areas; I infrequently enjoy a cigar and since my deployments to the middle east, Hookah is a very nice after dinner zero calorie desert 😉

I'm not sure how equitable the two are however, but it's an interesting correlation / question.

The reason why I bring it up is that friends of mine who support the legalization of marijuana and also partake in a smoke every now and then, believe cigarette smoking should be outlawed period and even the use of those smokeless vapor devices that are becoming the rage. I called them hypocrites and they gasp in disbelief that I felt that way and just couldn't see the hypocracy in their position. I on the other hand don't have an issue with legalizing marijuana if there is a buck to be made nor do I feel people should dictate where and if I can smoke a cigarette because they know better than I do what the health issues could be.

I also think it's funny how the STOP drug use ads on TV have been almost eliminated and replaced with someone talking out of a hole in their throat and talking about how BAD cigarette smoking is for you. I guess if they can control everyone to the point no one will buy cigarettes any more, they will have to replace that tax money with something else or there will be a giant hole to fill.

CNN has breakdown of where colorado taxes are going to go on news today...

as long as they stay in their home and dont drive they are not harming anyone but as soon as they are on the road they have the potential to harm others just by being behind the wheel of the car.

mtdoremike, did you ask them why they think pot smoke is okay when it has the potential to give a contact high to others who might not want it and cigarette smoke is not
and good grief what the hell is wrong with vaping.

i personally do not think pot is as harmless as people are saying. and everyday i go back and forth on whether i think it should be legal?? still up in the air. for medical purposes i think it should be allowed

i think new york is proposing a law where you must be 21 to buy cigarettes. now how crazy is that. i think if you can go to fight for our country at 18 then you should be allowed to smoke/drink.

as long as they stay in their home and dont drive they are not harming anyone but as soon as they are on the road they have the potential to harm others just by being behind the wheel of the car.

its equatable to alcohol in that sense, no intoxicants should be used when heavy machinery is operated... Cough medicine is just as bad also..

c
i personally do not think pot is as harmless as people are saying. and everyday i go back and forth on whether i think it should be legal?? still up in the air. for medical purposes i think it should be allowed

It's harmless for the mentally stable, it's physiologically beneficial in every way and not harmful at all; this has been shown in every study ever done. It's a super food, it improves synapses response; the benefits are almost endless.

You could very easily call it a miracle plant, and not be wrong. It's one of the few substances that cannot be overdosed on (through conventional intake methods).

But, with everything, moderation is key and an unhealthy mental state could be pushed further off by anything, cannabis included.

i think new york is proposing a law where you must be 21 to buy cigarettes. now how crazy is that. i think if you can go to fight for our country at 18 then you should be allowed to smoke/drink.

we have some pretty silly laws out there, like making plants illegal, or raw milk 😉

haha