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Tis the season to get high… in Colorado as pot sales soar on ‘Green Friday’

Since the sale of marijuana was legalized in Colorado and Washington earlier this year, the industry has seen its 'highs' and lows, but as we begin the annual holiday shopping season, demand for the formerly illegal product is soaring.  In what is being dubbed as 'Green Friday', pot retailers in Colorado are experiencing very good revenues as store owners began offering discounts that are part of the allure ...

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IRS infers pot shops should use money laundering if the want to pay with cash

With the new and burgeoning marijuana industry growing at accelerating rates, business owners are finding a new barrier in trying to be legal and pay their taxes in a timely manner.  Since many banks refuse to open accounts for pot shops, even in states where the drug is now legal to sell and use, business owners are finding out that making cash payments to the Internal Revenue Service to pay for their tax ...

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Banks in states that legalize pot use can now work with marijuana businesses

In 2012, HSBC was busted by U.S. and international regulators for laundering drug money for global cartels.  A year later, they were imposed a $1.9 billion fine, but rumors abound that the financial institution is still providing services to criminal organizations despite their guilt and penalty. So with this precedent in place, it is quite interesting to see on Feb. 14 that regulators within the Obama admi ...

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Like cigarettes, pot could become tax that saves state budgets

On Jan 1, recreational pot laws went into effect in the states of Washington and Colorado.  And while it is too early to determine how this will equate in the rise of overall revenue for the marijuana industry, expectations are already under way by these states on how taxes received from the sale of the drug can help in subsidizing their general budgets. Colorado projects $578.1 million a year in combined w ...

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Colorado will use pot to fund schools

Dec. 31 begins the first day of Colorado's new law which legalizes marijuana for recreational use.  In its first year, estimated revenues for businesses are expected to reach $578 million, yielding $67 million in tax revenue.  A large portion of that money will be going to fund education in Colorado, as well as the building of new schools. Colorado projects $578.1 million a year in combined wholesale and re ...

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