Institutional Investor: Cannabis Economy Lags Behind Legalization

Marijuana businesses are mostly unbanked, creating new safety and legal questions in an industry working to shake off its outlaw image… Read more

 

Village Voice: Here’s Why Marijuana Will Be An All-Cash Business In New York

When it arrives in New York, the medical marijuana industry will be a nearly all-cash business.

New York’s five companies licensed to grow and sell medical marijuana under the Compassionate Care Act must grapple with the security, safety, and legal challenges of dealing in cash because they can’t keep it in banks in the same way other businesses do.

Federally regulated banks are often unwilling to work with clients whose money comes from the business of medical marijuana, the legality of which varies state to state. This is in spite of a 2014 statement by the Justice and Treasury Departments that would allow banks to serve state-licensed marijuana businesses. Licensees, dispensary employees, patients, and other affiliated vendors are therefore barred from using credit or debit cards, or holding bank accounts that contain money made from cannabis. In other states with medical marijuana, the payroll and all business transactions often go down in cash. Thousands and thousands of pounds of cash, sometimes in duffel bags.

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Marijuana Ventures: Meet Jane

Marijuana Venture continues its ongoing coverage of cash management for the cannabis industry by looking at a Colorado-based manufacturer of point-of-sale kiosks.

By Garrett Rudolph

You might think about Jane as the most reliable, low-maintenance employee ever. It doesn’t require an hourly wage, bathroom breaks or health insurance. It doesn’t show up late to shifts and it’s not tempted to steal cash or product. It doesn’t gossip about other employees or ignore instructions from management.

Jane is 300 pounds of reinforced steel, machinery and wires, with built-in cash vaults, high-definition cameras and biometric scanners. It’s a point-of-sale kiosk designed to reduce cash shrinkage, promote responsible banking behaviors and reduce violent crime.

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Press Release: MJ Freeway and Jane Announce Full Integration to Better Serve Marijuana Retailers’ Needs

Integration to provide mutual clients with a comprehensive point-of-sale and cash management solution to grow revenue and improve efficiency

DENVER, CO—MJ Freeway®, the industry-leading cannabis business software platform, and Jane℠, the premier cash management solution for marijuana retailers, announced a strategic partnership to transform the customer purchase experience with the seamless integration of each company’s distinct platform strengths. Read more