Sentences with phrase «marijuana business under»
Local governments may authorize or prohibit onsite consumption at a licensed marijuana business under Proposition 64, which legalized cannabis for adult use.
http://www.modbee.com/ Not exact matches
And, while the Treasury Department permits banking for marijuana businesses, it does so only under heavy regulations.
The process of branding cannabis businesses is further slowed by marijuana's classification under the federal Controlled Substances Act as a Schedule 1 drug (along with heroin, LSD and other hallucenogens).
Banks and insurance companies refuse to do business with cannabis companies because marijuana is illegal under federal law and most financial institutions are federally insured, forcing marijuana businesses to operate in cash.
«Currently, under federal banking laws, many legal, regulated legitimate marijuana businesses — operating legally according to state law — are prevented from maintaining bank accounts and accessing financial products like any other business, such as accepting credit cards, depositing revenues or writing checks to meet payroll or pay taxes,» Perlmutter said.
But, after several states started the decriminalization process and started allowing local growers to produce their marijuana crops under specifically outlined regulations, something dramatic happened: The cartels» business plummeted.
A company already in business under Minnesota's strict medical marijuana regulations is eyeing New York's nascent program as a chance to expand in Fulton County.
The mayor will be under pressure to appoint a minority candidate, but former NYPD Chief of Department Philip Banks — who left the force after a power struggle with Bratton — has taken himself out of the running by working for a medical marijuana - distribution business, Compassionate Care Center of New York.
These businesses and the individuals involved in these establishments are well aware that marijuana remains illegal under federal law and the US attorneys, despite the Cole Memo and other memos, of course always had the discretion to go after and prosecute egregious violators of the federal law.
Seven states so far have legalized cannabis for recreational use and medical marijuana is legal in 21 other states, but federally - funded banks can not serve the needs of cannabis - related businesses, because it is still an illegal drug under federal law.