A Multibillion Dollar Industry Without a Bank 

As the California campaign for the Adult Use of Marijuana Act gains momentum and state economists forecast an industry that could grow to $15 billion annually by 2020, creating thousands of jobs and generating millions in tax revenue, there's a dark cloud hanging over potential victory celebrations on Nov. 8: The multibillion-dollar industry will have no legal banking options.

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The Pot Law That Could Be 'Deal-Breaker for the Drug War'

Rolling Stone Magazine:

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Senate Committee Approves Marijuana Banking Measure

U.S. Senate Appropriations Committee Approves Measure That Would Allow Banks and Other Financial Institutions to Provide Services to State-Legal Marijuana Businesses

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New California pot legalization campaign learns from past failure

http://www.sacbee.com/news/politics-government/capitol-alert/article77218942.html

DEA greenlights marijuana study to measure pot’s effect on PTSD

"The U.S. Drug Enforcement Agency agreed for the first time ever this week to let researchers conduct clinical trials with marijuana to examine the potential benefits of using the plant to treat post-traumatic stress disorder.

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Major newspapers: ‘DEA must deschedule marijuana’

"The federal government is under increasing pressure to remove marijuana from atop its list of the most dangerous drugs in the world, and newspapers are joining in.

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Oakland expands medical marijuana dispensaries, related businesses

OAKLAND -- The Oakland City Council voted unanimously early Wednesday morning to approve a new law expanding the number of medical marijuana dispensaries and related businesses operating in the city.

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In Major Victory, Harborside Civil Forfeiture Case Dropped

"A California medical marijuana dispensary has won a landmark legal case that at one point had threatened the MJ industry’s very future.

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Chart of the Week: Huge Spike in Number of Banks, Credit Unions Serving Cannabis Companies

"The number of banks and credit unions providing services to marijuana businesses has grown dramatically over the past 24 months, providing some much-needed relief to the cannabis industry. In March of this year, 301 financial institutions were working with marijuana companies, according to federal data obtained by the Associated Press. That’s up from just 51 in March 2014 and a three-fold increase from later that year, when an estimated 100 banks and credit unions worked with the industry."

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The DEA will decide whether to change course on marijuana by July

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Congressmen Want Protection for MJ Advertising

 

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COALINGA CITY COUNCIL VOTES TO ALLOW A CANNABIS MANUFACTURING FACILITY IN THE CITY

Coalinga City Council members took a bold step forward Wednesday, moving to change a city-owned prison to a marijuana cultivation center. The city invited a marijuana cultivation business to present its manufacturing plan.

The special workshop on cannabis manufacturing ended around 10:00p.m. The City Council went into a closed meeting after that trying to decide what's best for this community.

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California pot industry contemplates future in Sacramento

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Much of the hoopla around the emerging cannabis industry is focused on tax revenue, with states and cities counting the cash (and without banking access, it's literally cash) that comes with the legal retail sale of cannabis. However, beyond just tax dollars, this industry has value, and it lies in opportunity, empowerment, and self-determination.



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Former U.S. Attorney General Eric Holder, who served in the administration of President Barack Obama, this week came out in favor of changing cannabis’ status as a Schedule I narcotic.

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The once fruit city, and now poverty-stricken prison city of Adelanto, California likes to use the moniker, “The city with unlimited possibilities.” With new industrial marijuana cultivation regulations, they’re likely heading in the right direction.

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SACRAMENTO, Calif. (AP) – Gov. Jerry Brown has signed an emergency bill that eliminates an upcoming deadline local governments faced to ban or regulate medical marijuana cultivation.

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