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.

Read the rest of the article here.

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.

Read the rest of the article here.

 

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

VICE News: Inside America’s Billion-Dollar Weed Business: The Grass is Greener

In a city with dispensaries as common as coffee shops, Denver is undoubtedly the epicenter of the legal marijuana movement. And if you’re in the business of bud, it’s a good place to be: Colorado accounted for a third of the country’s 2.7 billion dollar marijuana market last year.

ABC 7: Marijuana Kiosks. Ganjapreneur Sells Machines

Written by: Anica Padilla 9:28 AM, May 14, 2015

DENVER – A new kind of kiosk could change how marijuana dispensaries do business.

Dispensaries are cash-only businesses, which creates concern about theft and robberies.

The new kiosks work like a cash register and a vault – it accepts the money from customers and keeps it out of workers’ hands.

“We’re basically solving most of the problems that dispensaries face today,” said Karla Guarino, kiosk owner. “Whether that’s reconciliation at the end of the day, anxiety experienced by the bud tender in just having to manage the cash, the IRS tax purposes.”

The kiosks have already been installed in a handful of Colorado dispensaries.

The kiosk owners are now working to expand into Oregon and Washington.

View the original article and video here

CBS News: Inside the NYC Cannabis Convention

NEW YORK — Marijuana is illegal in most of the country, but the industry is growing. Companies in the cannabis business are seeing sales take off – and not just for pot.

At the Cannabis World Congress and Business Exposition in New York City this week, thousands gathered to explore marijuana-related goods like processors, cultivation equipment and even cannabis-infused coffee.

Read the rest of the story and see the video from the show here.

 

NBC Chicago: Cannabis Munchies on Display at Marijuana Trade Show in Chicago

The exhibit halls of the Chicago Hilton and Towers were packed with vendors offering a glimpse of the world as it’s about to become in Illinois, from lemonade to honey to krispie treats.

Read the rest of the story here.

Press Release: Adilas and Jane Form Strategic Partnership in Marijuana Industry

Adilas and Jane proudly announces their partnership providing a seamless integrated POS and kiosk compliance solution for the evolving marijuana dispensary business. Adilas currently provides turnkey data management systems to hundreds of dispensaries nationwide.

ADILAS logoJane’s customer facing kiosk and patent pending Mobile App solution with the Adilas backend infrastructure provides a fast and simple buying process for consumers while eliminating the cash handling process by dispensary personnel. By handling all transactions through a self-service kiosk along with mobile pre-ordering, transactions times are faster and waiting lines shorter, resulting in more satisfied customers and increased bottom lines.

Adilas has completed the integration of POS and various business functions with Jane including rigorous testing to ensure excellent uptime and field reliability. The fusion of the Adilas platform with Jane’s kiosk and mobile app creates a complete, secure cashless environment for dispensaries, improving the overall consumer experience, while also providing an efficient and compliant infrastructure to run a successful business.

“A cashless environment for dispensary owners is critical for maintaining safety, security and overall compliance for future banking,” said Stephen Berkenkotter, CEO, Adilas. “Our experience and observations within our dispensary clientele constantly reveal the struggles they currently face. The Adilas- Jane solution will provide the efficiency and security so badly needed in dispensaries. I am impressed by the strength and qualifications of the Jane management and technical team, and look forward to strengthening our combined forces.”

About Adilas
Adilas is a successful data tracking company handling data in all forms. Their namesake denotes “All Data Is LIVE And Searchable.” Adilas’ cloud-based solutions have been used successfully by thousands of customers since 2001. They provide a complete data management system for dispensaries including POS, ERP, eCommerce, production ordering, accounting, payroll, paperless office and much more, virtually and effectively managing all aspects of business operations.