Feds Warn Legal Marijuana Growers About Using Federal Water

May 27, 2014 | MMJ News

The U.S. Bureau of Reclamation reminded marijuana growers in Colorado and Washington State that they not allowed to use federal irrigation waters – consistent with the Federal stance against the marijuana industry.

The U.S. Bureau of Reclamation maintains dams, canals and power plants in the western states including Colorado, Washington and California.

Dan DuBray, chief of public affairs stated “As a federal agency, Reclamation is obligated to adhere to federal law in the conduct of its responsibilities to the American people,”, The bureau says it receives a number of inquiries about water usage for marijuana related operations.

“Reclamation will operate its facilities and administer its water-related contracts in a manner that is consistent with the Controlled Substances Act of 1970, as amended. This includes locations where state law has decriminalized or authorized the cultivation of marijuana. Reclamation will refer any inconsistent uses of federal resources of which it becomes aware to the Department of Justice and coordinate with the proper enforcement authorities,” it said.

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Licensing of Medical Cannabis Imminent

May 23, 2014 | MMJ News

By Jane Futcher

At Willits News

Growers must lobby for fair regs, lawyer says

A prominent San Francisco civil rights attorney told a gathering of medical cannabis cultivators in Laytonville Monday, May 19, that they must lobby the California Legislature immediately to ensure that a medical marijuana-licensing bill now making its way through the Legislature is fair to farmers, patients and dispensaries.

Attorney Matt Kumin also predicted that by November 2016 a voter initiative on the state ballot could give voters the opportunity to pass a “recreational” use law allowing the commercial distribution, cultivation, and production of cannabis products for all adult use, not limited to medical.

Kumin said that the way farming communities approach the regulation of medical cannabis, which may pass this year, could have a significant impact on how the voter initiative in 2016 is written. That’s why it’s important to get the medical licensing law right.

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Porn, Pot and Payday Lenders Unwelcome in Banks

May 21, 2014 | MMJ News

By Rob Garver

At The Fiscal Times

For most individuals and small business owners, having a relationship with a bank or credit union is as essential as basic utilities. You could no more open a restaurant without access to the payments system than you could without access to running water. Recently, though, there have been increasing reports of people learning that their accounts have been closed, or finding it difficult or impossible to open an account in the first place, because of the industry they work in, or who they are related to.

The most headline-grabbing examples of late have been porn stars. Adult film actor Teagan Presley and her husband, director Joshua Lehman went public with complaints about JP Morgan Chase closing both their business and personal accounts, allegedly because of their involvement in the adult entertainment industry. Others in the business have reported similar behavior by their banks.

The banks’ moves appear to be linked to a government program, “Operation Choke Point,” meant to address fraud in the payments system by “choking off” access to businesses deemed to present a high risk of illegal activity.

The problem is that the majority of the businesses that are being targets, while perhaps unsavory in the eyes of the government, aren’t illegal.

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California’s Medical Marijuana Industry Gets A Much-Needed Kick In The Pants

Apr 12, 2014 | MMJ News

By Carly Schwartz

At Huffington Post

After multiple failed attempts at regulating California’s haphazard medical marijuana program, one state lawmaker has introduced legislation he believes will finally establish some order to the state’s multibillion-dollar industry.

“I’m cautiously optimistic,” said Assemblymember Tom Ammiano (D-San Francisco), whose measure, introduced last month, would create a statewide set of rules for California’s marijuana businesses. “People have seen that the more regulation you have, the less chaos you have.”

In recent years, Ammiano has sponsored a number of similar bills, each of which has stalled or was stopped by opponents who argued the legislation didn’t address key issues, such as the environmental impacts of marijuana cultivation or the ability of local governments to tax the product. Ammiano says his latest measure, AB 1894, addresses every concern and more.

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“Marijuana Will Be the Single Best Investment Idea of the Next Decade”

Feb 27, 2014 | MMJ News

Todd Harrison, CEO and founder of financial media company Minyanville, thinks marijuana “will be the single best investment idea for the next 10 years.” He says that a lot of the penny stocks are volatile and are best left alone. The two companies that are established and that are worth looking into are GW Pharmaceuticals (GWPH) and Advanced Cannabis Solutions (CANN) both of these marijuana related companies have had tremendous upside in the last year. The marijuana industry is being described as the next dot.com boom. Long story short, there is a lot of money to be made in this industry if you invest wisely.

Read more about marijuana investment opportunities at www.minyanville.com.

U.S. To Let Banks Do Business With Licensed Pot Shops

Feb 14, 2014 | MMJ News

By David Ingram and Jason Lange

At Reuters

The Obama administration on Friday sought to lessen the fear of prosecution for banks doing business with licensed marijuana companies, further encouraging U.S. states such as Colorado and Washington that are experimenting with legalizing the drug.

The Justice and Treasury departments outlined the policy in writing to federal prosecutors and financial institutions nationwide. The guidance stopped short of promising immunity for banks, but made clear that criminal prosecution for money laundering and other crimes was unlikely if they met a series of conditions, officials said.

The guidance was intended to increase the availability of banking services, such as savings and checking accounts, to marijuana shops that typically deal in cash.

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