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Bill to Form State-Chartered Banks for California Marijuana Industry in the Hands of the State’s Lawmakers

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California marijuana industry

Just a year later, again the bill that would enable the California marijuana industry to access the banking services from the state-chartered financial institutes, as well as credit unions, will be put on the sword. A year ago, a similar attempt to pass the state legislature failed.

So, will the lawmakers finally go ahead with the bill this time?

One thing is clear, the legal marijuana industry in California is struggling to compete favorably in the black market. The primary reason is that it faces great challenges, which include banking access as well as high taxes.  

State of the Proposed Law

For instance, Senate Bill 51 is meant to allow the state to license various private banks to easily handle the billions of dollars which are generated by the state’s legal cannabis industry.

The current situation in the state is that the pot retailers, as well as other cannabis companies, have been stopped from the long-established banking system.

Therefore, it means that the measure will now allow the
credit unions and private banks to safely apply for a state-charter to enable them to offer depository services to all licensed marijuana businesses.

As a common procedure for all state bills with a fiscal impact, the state Senate Appropriations Committee on Monday sent the SB 51 to the suspense file with the hearing staged on Thursday. It’s on that day that the committee members will determine the fate of the bill.

But Why are the Banks Scared?

At a glance or by far the bill is genuinely required to go through as it will benefit the state. However, there’s one side effect of the bill as well. The unfortunate negative could be the concentration of marijuana business assets into one or a plethora of easily identifiable institutions which may render them cheap targets of the federal law enforcement action.

Therefore, the banks are scared of the expense and trauma of exposing themselves. For that matter, the cannabis business which includes pot shops has no option than to deal principally in cash given that there are federal banking limitations which make it next to impossible for them to create accounts with the federally chartered banking institutions.

Besides, there’s an effort in place in the federal level aimed to get the legislation passed to enable banks into serving the cannabis-associated businesses without any risk of being prosecuted.

Significance of the Bill

Undoubtedly, marijuana businesses, as well as their employees, make large amounts of cash. So, it makes cannabis customers targets of violent crime as there’s a lot of money in the streets.

The solution lies with the banking relationship, which will help both the law enforcement officials as well as regulators to distinguish legal marijuana businesses from the illegal market operators.

Subsequently, the bill will set up some special checks for cannabis businesses as a way of paying state as well as local taxes, rent, and fees.

A Big Concern on the Cards

Last year, a similar bill didn’t pass the legislature with cost concerns being mentioned as the primary reason for the denial. The lawmakers hinted that new state workers need to be hired, which could cost almost $2 million a year.

Therefore, the same concerns may as well come up again, and according to industry observers, similar lawmakers opposing the cannabis sales may be watching from a corner. Nevertheless, it’s just a matter of time before we learn the fate of the bill.

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Photo by Jamie McInall from Pexels

Cannabis News

Online Dispensary Sales Boom – What Consumers Need to Know to Stay Safe…

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online dispensary

With everything going on in the world, the trend has been to turn to online sources for ordering all of our basic human necessities. And what’s more of a necessity than weed? Your weed cravings don’t have to go unmet just because the entire world is on lockdown, and this is all thanks to online dispensaries. 

But before you jump headfirst into the world of ordering weed online, there are a few things you should know to make the most of your experience.

It’s All About Reputation

Before buying any product, it’s always a good idea to peruse through reviews. There’s no better way to get a feel for a dispensary’s reputation than to read into the thoughts and opinions of fellow customers. This will give you an idea of a dispensary’s values when it comes to product quality and variety, customer service, and pricing. 

According to Online Dispensary Canada Guide, it’s important to research the reputation of a dispensary before making a purchase. This can be done through sources like Trustpilot.com and Reddit. Try not to focus solely on the reviews directly on a dispensary’s website, but check out opinions from a variety of sources.

Quantity Isn’t Everything

We all know the phrase quality over quantity, and that phrase applies to your online weed shopping practices. Although having a variety of products to choose from is a major perk, what’s more important is the quality of the products…

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Why the ACMPR Is So Popular with Medical Marijuana Patients in Canada

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Depending on your home country, accessing medical marijuana may just be easier than ever for you. This is the case for North Americans, Canadians in particular. Since the early 2000s, Canada has been successfully implementing a medical marijuana program for patients called the ACMPR. 

Although this program (also referred to as the MMPR and MMAR in the past) has been around in some form or another for decades, it is continuing to grow in popularity. But why? It’s not just because Canadians want an excuse to grow cannabis plants from home… 

What Is the ACMPR?

Before discussing the growing popularity of the ACMPR program, it’s important to have a solid understanding of what it actually is. ACMPR stands for Access to Cannabis for Medical Purposes Regulations. For those who are eligible and have a valid medical condition that requires the use of cannabis for treatment, the ACMPR allows for easy access to cannabis. 

Not only does it allow medical patients to easily access medical-grade marijuana from licensed producers throughout the country, but it allows patients to cultivate their own plants from home. Unlike the recreational cannabis laws which allow citizens to grow no more than 4 plants from home, the ACMPR determines plant counts based on medical needs. 

Canadians who use the ACMPR license to grow from home have a predetermined plant count based on the number of grams prescribed per day. For example, if you receive a prescription…

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Why Buy From Marijuana Seed Banks?

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If you’re interested in growing marijuana and live in a state that allows its cultivation, then you might want to consider buying seeds from seed banks. Some of the best cannabis get cultivated outside the country, which means that, sometimes, you have to find a seed bank that ships to the US. 

There are a lot of options when it comes to sources for marijuana seeds online. However, not all of them can ship to the US due to strict regulations in the country. Thus, it’s best to find a legit seed bank that can process orders from United States customers.  

Avoid transacting with other sources aside from seed banks. If you do so, you run the risk of receiving low-quality products, wasting your money in the end. Look for a company with positive feedback and has a proven history of dealing with US customers. Some of the most popular ones include Seedsman and I Love Growing Marijuana (IGLM). You can check out GreenBudGuru’s Seedsman review and their review of other companies to find the best fit for your needs.

If you’re looking to get your seeds online, below are some reasons you should buy marijuana seeds from a trusted and reliable marijuana seed banks.

You Don’t Have Any Other Option

As mentioned above, some states in the US still don’t allow local buying and selling of marijuana, even if medical marijuana consumption has already gained momentum. If…

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