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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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SHOCKER — NSA USED SPYING TOOLS To Bust Americans For DRUGS

  Reuters has animportant scoop¬†on the use and concealment of anti-terrorism data intelligence on Americans involved with disfavored intoxicants: A secretive U.S. Drug Enforcement Administration unit is funneling information from intelligence intercepts, wiretaps, informants and a massive database of telephone records to authorities across the nation to help them launch criminal investigations of Ameri ...

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DEA DESTROYING LEGAL BUSINESSES — IS YOURS AT RISK?

  Last week, federal agents with the Drug Enforcement Administration raided¬†a series of medical marijuana dispensaries¬†in Washington state. Marijuana and employee cell phones were apparently the intended targets of the raid. Surprisingly, for an agency that makes money from drug-money seizures, marijuana money was largely ignored. At one dispensary in Olympia, agents left $1,000 dollars in cash untouch ...

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You’ll Never Guess What Country Is Legalizing Marijuana: ALL MARIJUANA TO BE STATE CONTROLLED

  Uruguay¬†has effectively sealed the passage of a groundbreaking marijuana legalization bill that puts production, distribution, and sale of the drug in the hands of the state, making it the first country ever to do so. After a 13-hour debate, politicians in the lower house of parliament voted late last night in favor of the controversial initiative, which is similar to laws approved last year in¬†Color ...

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DEA Paying $4.1 MILLION to Student FORGOTTEN in Holding Cell for 5 DAYS

  A college student mistakenly left in a Drug Enforcement Administration interrogation room for five days will receive $4.1 million from the government in a settlement in advance of a lawsuit. The settlement was announced Tuesday in San Diego by the student, Daniel Chong, 25, and his lawyer, Eugene Iredale. "It was an accident, a really bad, horrible accident," said Chong, who added that he now suffers ...

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Former Mexican President Vincente Fox Calls For ‘Strategic Partnership’ On Marijuana

Former Mexican President Vicente Fox visited Seattle this Thursday to advocate for a "strategic partnership" between Mexico and states supporting marijuana legalization. Diego Pellicer Inc., a new company focused on marijuana issues founded by former Microsoft manager Jamen Shively, announced its new business plans to the support of the former Mexican president who advocated heavy government involvement to ...

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ROLLING IN GREEN: High Time for Hemp

Four years ago, Michelle Obama picked up a shovel and made a powerful symbolic statement about America's food and farm future: She turned a patch of White House lawn into a working organic garden. That was a great move, earning kudos from just about everyone this side of Monsanto and the pesticide lobby. But now, as she begins another four years in the people's mansion, the first lady is probably asking her ...

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POT OF GOLD: Medical Marijuana Proves Itself A Viable Investment

Since we recommended buying Medical Marijuana (MJNA.PK) it's up 89%. Other pot stocks are also doing well, such as Cannabis Science (CBIS.OB) up more than 2% today. There wasn't any news release today that would cause the stock to rise so sharply. We suspect that the company has been discovered as a profitable investment for reasons we've outlined before, as well as a growing interest in the budding Marijua ...

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