Frustrated with decades of chaos and a disorganized and fractured community we came together at the 12th Annual Emerald Cup to discuss if there was any point to run an effort with the impending Sean Parker initiative that appears to have the necessary funding. After the top three groups making their case, festival owner Tim Blake explains his position (40:55)
"I’m going to end up endorsing this. I’d like to see the words that come down before I finalize my endorsement but I’m going to endorse it because we are going to stop the raids, we’re going to make this legal. And the farmers, they didn’t want to go below 5 acres, they were going to have us have 1000 acre farms, and they caved in and gave us 1 acre limits for the next 5 years like the state law…..they’ve given us a 5 year period for our branding..(gets interrupted by a protestor)”
New York State voters support 88 - 9 percent the legalization of medical marijuana, with overwhelming support from every group, according to a Quinnipiac University poll released today. Read it here.
New guidelines were released today by the Department of Justice and the Treasury Department that will allow banks to do business with marijuana related businesses. Part of the text of the guidelines are here:
"The Financial Crimes Enforcement Network (“FinCEN”) is issuing guidance to clarify Bank
Secrecy Act (“BSA”) expectations for financial institutions seeking to provide services to marijuana-related businesses. FinCEN is issuing this guidance in light of recent state initiatives to legalize certain marijuana-related activity and related guidance by the U.S. Department of Justice (“DOJ”) concerning marijuana-related enforcement priorities. This FinCEN guidance clarifies how financial institutions can provide services to marijuana-related businesses consistent with their BSA obligations, and aligns the information provided by financial institutions in BSA reports with federal and state law enforcement priorities. This FinCEN guidance should enhance the availability of financial services for, and the financial transparency of, marijuana-related businesses
In assessing the risk of providing services to a marijuana-related business, a financial institution should conduct customer due diligence that includes: (i) verifying with the appropriate state authorities whether the business is duly licensed and registered; (ii) reviewing the license application (and related documentation) submitted by the business for obtaining a state license to operate its marijuana-related business; (iii) requesting from state licensing and enforcement authorities available information about the business and related parties; (iv) developing an understanding of the normal and expected activity for the business, including the types of products to be sold and the type of customers to be served (e.g., medical versus recreational
customers); (v) ongoing monitoring of publicly available sources for adverse information about the business and related parties; (vi) ongoing monitoring for suspicious activity, including for any of the red flags described in this guidance; and (vii) refreshing information obtained as part of customer due diligence on a periodic basis and commensurate with the risk. With respect to
information regarding state licensure obtained in connection with such customer due diligence, a financial institution may reasonably rely on the accuracy of information provided by state licensing authorities, where states make such information available."
Read the full guidelines here!
Susan Soares has written for Cannabis Now Magazine, Alternet, and Sensi Magazine.