Colorado Law Sets up Marijuana Banks; Feds Must OK

[Source: ABC News]

Seeking to move marijuana businesses away from cash-only operations, Gov. John Hickenlooper signed legislation Friday that tries to establish the world's first financial system for the newly legal industry in Colorado.

The legislation seeks to form a network of uninsured cooperatives designed to give pot businesses a way to access basic banking services like checking. But approval from the Federal Reserve remains a hurdle.

Out of fear of violating federal law, banks don't work with marijuana businesses. That has led to concerns that the burgeoning marijuana industry could be a target for robberies.

Mike Elliott, executive director of the Marijuana Industry Group, said a member of his organization was robbed a few days ago. The cash-only model has become stressful for businesses and their employees, he said.

"We don't a need a vault. What we need is checking," he said. "We're looking for a way to take cash out of the businesses.

READ MORE HERE: Colorado Law Sets up Marijuana Banks; Feds Must OK

Colorado Sees First Hemp Crop Harvest In 56 Years

 
[Source: The Weed Blog]

This past weekend, volunteers gathered in Colorado’s Baca County to harvest the U.S.’s first commercial hemp crop since 1957. The crop was grown by Ryan Loflin, a Colorado resident. Hemp, a plant similar to marijuana but with only trace amounts of THC, is used to make cloth, rope, paper, oils, wax, and other products.  According to Hemp Industries Association, the U.S. market sold $500 million of hemp products last year alone, but because of U.S. drug policy, all of that hemp was imported.

Video and complete article here: Colorado Sees First Hemp Crop Harvest In 56 Years

 

Congress to Hold Hearings on State and Federal Marijuana Conflict

[Source:Erik Altieri, NORMLCommunications Director]

Senator Patrick Leahy (D-VT) has scheduled a hearing to address the conflict between state and federal marijuana laws.

“It is important, especially at a time of budget constraints, to determine whether it is the best use of federal resources to prosecute the personal or medicinal use of marijuana in states that have made such consumption legal,” Senator Leahy stated, “I believe that these state laws should be respected. At a minimum, there should be guidance about enforcement from the federal government.”

The hearing is scheduled for September 10th and both Attorney General Eric Holder and Deputy Attorney General James Cole have been invited to testify.

The hearing comes after 20 states have approved of the medical use of marijuana and two states have legalized it for recreational use. The Department of Justice had promised clarification for these states regarding how, or if, the federal government intends to respond, but has thus far failed to provide any clear policy or guidance. It is the hope of Senator Leahy these hearings will address the concerns of these states and provide them a way to move forward with their state approved marijuana laws

See more at: Meeting on State and Federal Marijuana

Is super weed, super bad?

[By Caleb Hellerman, CNN]

The glossy spread in "High Times" a magazine for pot devotees, showcases the "strongest strains on Earth." The most recent rankings are topped by "Head Cheese," which is grown in a hydroponic system and fed with a carefully calibrated dose of synthetic nutrients.

On "Weed Tracker," a California-based website where medical marijuana users share notes, cannabis connoisseurs sing the praises of "Sensi Star" and rave about the "Grand Daddy Purple, which tastes like a berry vanilla smoothie." Another medical site touts a bud "finished with a subtle fruit effect ... offering a deep body stone with a creative mind high," and warns it is "not for newbies or low-tolerance patients."

The descriptions evoke images of a wine-tasting club -- albeit one with a few eccentrics. But increasingly it seems the most valued trait among these weed admirers is pure knockout power.

Read entire article and see video here:  Is super weed, super bad?

A Colorado Pro Marijuana Pipe Shop Helps To Change The Way Insurance Companies Look At Ancillary Marijuana Businesses

[Source: PressReleaseLeader-July 22, 2013-Denver, CO]

North Washinton Envervors LLC, dba The 24 Hour Pipe & Tobacco Shop has been in a battle with insurance companies since it opened in February. Since this is a "Private Membership Head-Shop" (think Sams Club or Costco) for those twenty one years of age and older that allows cannabis smoking inside by it's members, it doesn't fall under "normal" insurance companies business coverage. 

Thurlow Weed, President/CEO of No Excues Entertainment Inc (The 24 Hour Pipe & Tobacco Shops parent company) has been working with Doug Banfelder a Commercial Insurance Specialist at Premier Southwest Insurance Group in Scottsdale, AZ for almost a month an received this message from Doug this weekend;

"I’m still working on this for you, and we’re about to get a quote – the carrier asked for an amended application, which I’m providing, and I’ve persuaded them that you will be using an alarm company.

What really did the trick is that I found and forwarded to them a news article about WA state considering how they’re going to accommodate pot tourists… with smoking clubs… You and Thurlow are definitely ahead of the curve here.

In fact, now the carrier is working to create new apps for those opening these new types of business… so we’re trendsetters. J

Will have your quote for North Washington Endeavors by Tues or Wed next week.  Thanks so much for hanging in there, sometimes it just.takes.time…"

"This right here shows that cannabis legalization is here to stay." said Thurlow

New Markets For Marijuana In Colorado

[Source: Zip420]

Almost all of us know that cannabis has been legalized in the State of Colorado, but what few of you may know is, that there are still some legal things going on and that some entrepreneurs are trying to make this herb, easier to purchase.  

There are people like, Justin Hartfield, who is the CEO of a service that reviews some of the medical marijuana dispensaries in the city of Boulder and other places of Colorado, but now he is concentrating in trying to convince authorities to allow people to establish marijuana farmer markets, as he believes that this is the best way to sell marijuana in Colorado and also the best way for people to get the freshest herb.   

"I got news for you: Marijuana is legal in Colorado, it is no longer a drug in sense. It is a plant. It is a commodity. There's no reason not to allow trade in it openly," stated Hartfield to the press.  Although, cannabis is still not legalized under federal law, the state of Colorado has already accepted this herb and now, it is up to entrepreneurs like Hartfield to find the best way to sell their product.

Read full article: New Markets For Marijuana In Colorado

Attorney General in Colorado: Treating Marijuana Magazines Like Porn Is Unconstitutional

Colorado’s attorney general, John Suthers, has declared that a rule created by the legislature to treat marijuana-themed magazines like pornography is unconstitutional and said the state will not defend it in court. This announcement came after state marijuana regulators concluded that it was not constitutional and should not be enforced.

[By KRISTEN WYATT, Associated Press]

DENVER (AP) — Colorado will have to answer a complaint about treating marijuana magazines like pornography, even though state officials have announced that the restriction is unconstitutional and won't be enforced.

A federal judge ruled Thursday afternoon that a lawsuit from three marijuana-themed magazines and a group of booksellers and newsstands can proceed. They want a judge to strike a recently enacted law forcing pot magazines behind the counter at stores that allow minors.

A lawyer representing Colorado asked for the suit to be dismissed because of an emergency rule the executive branch issued Wednesday. The rule strikes enforcement of the magazine restriction.

Get complete details here: Pot magazine lawsuit continues in Colorado