Banking for Pot Industry Hits a Roadblock

July 31, 2015 – The Federal Reserve has recently turned down a Colorado Credit Union application to have a master account which It planned to use to serve the Colorado cannabis industry. As we know, the banking issue is the elephant in the room when it comes to the development of the industry. Per the article, a South Carolina attorney has filed suit to challenge the Reserve’s denial on process issues, but that challenge is probably a long shot. Without a Federal policy change regarding banking, the industry will remain a cash industry with the attendant security and tax collection

The Date for the Award of the Five New York State Medical Marijuana Licenses: Is it Coming This Week

July 29, 2015 – According to multiple press reports, the date quickly approaches for New York State to announce its selection of the five companies that will receive licenses to produce and sell medicinal marijuana. Forty three applicants are competing for five licenses. Each licensee will be required to grow, process, and distribute medical marijuana in forms acceptable to the Department of Health. One applicant, Empire State Health Solutions, is owned by Vireo Health. Vireo’s   Minnesota subsidiary won a license in Minnesota and has been operating there since July 1st, 2015. Another applicant, Tilray is reported to have made a