{"id":2194,"date":"2018-01-02T16:04:24","date_gmt":"2018-01-02T16:04:24","guid":{"rendered":"https:\/\/www.medicalmarijuanainc.com\/?p=33768"},"modified":"2018-01-02T16:04:24","modified_gmt":"2018-01-02T16:04:24","slug":"medical-marijuana-inc-ceo-featured-reuters-u-s-news-world-report-status-marijuana-banking","status":"publish","type":"post","link":"https:\/\/medicalmarijuanainc.com\/2018\/01\/02\/medical-marijuana-inc-ceo-featured-reuters-u-s-news-world-report-status-marijuana-banking\/","title":{"rendered":"Medical Marijuana, Inc. CEO Featured by Reuters, U.S. News &#038; World Report, and More on Status of Marijuana Banking"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Limits to marijuana banking services is trending in the national media this week with article featuring Medical Marijuana, Inc. executive.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Dr. Stuart Titus, President and CEO of Medical Marijuana, Inc. was featured as part of an article published recently by Reuters and 18 national and regional media sources, such as<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.businessinsider.com\/r-marijuana-firms-in-cloudy-haze-over-banking-woes-2017-12\"><span style=\"font-weight: 400;\">Business Insider<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/money.usnews.com\/investing\/news\/articles\/2017-12-29\/marijuana-firms-in-cloudy-haze-over-banking-woes\"><span style=\"font-weight: 400;\">U.S. News &amp; World Report<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.cnbc.com\/2017\/12\/29\/reuters-america-marijuana-firms-in-cloudy-haze-over-banking-woes.html\"><span style=\"font-weight: 400;\">CNBC<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/finance.yahoo.com\/news\/marijuana-firms-cloudy-haze-over-141808236.html\"><span style=\"font-weight: 400;\">Yahoo Finance<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.dailymail.co.uk\/wires\/reuters\/article-5220965\/Marijuana-firms-cloudy-haze-banking-woes.html\"><span style=\"font-weight: 400;\">Daily Mail<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.investing.com\/news\/economy-news\/marijuana-firms-in-cloudy-haze-over-banking-woes-1041287\"><span style=\"font-weight: 400;\">Investing.com<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.thefiscaltimes.com\/latestnews\/2017\/12\/29\/Marijuana-firms-cloudy-haze-over-banking-woes\"><span style=\"font-weight: 400;\">The Fiscal Times<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.oann.com\/marijuana-firms-in-cloudy-haze-over-banking-woes\/\"><span style=\"font-weight: 400;\">One America News Network<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">And more. <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The piece, titled \u201c<\/span><a href=\"https:\/\/www.reuters.com\/article\/us-cannabis-banking\/marijuana-firms-in-cloudy-haze-over-banking-woes-idUSKBN1EN191\"><span style=\"font-weight: 400;\">Marijuana firms in cloudy haze over banking woes<\/span><\/a><span style=\"font-weight: 400;\">\u201d, explores the difficult position legal cannabis companies, their owners, and even their employees find themselves. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because of the illicit status of marijuana under federal drug laws, which classify marijuana as a Schedule I drug, the most severe level of classification, banks in the U.S. often won\u2019t handle accounts from anyone connected to the cannabis industry, making it nearly impossible to get banking services. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This has led to marijuana existing as a mostly cash-based industry. Cannabis sales are in cash, as is the payroll for many marijuana businesses. Even taxes must be paid in cash when a bank account cannot be secured. This is the case for the over 60 percent of cannabis businesses that have no bank account, according to the article. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMost marijuana companies have a courier service, or a Brinks truck, or a big wheelbarrow full of cash that they send to the Internal Revenue Service to pay their taxes,\u201d says Dr. Titus in the article. \u201cIt is basically a kind of underground, cash-based economy.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The federal government could change policy to allow banks to work with marijuana companies, but so far such efforts have failed. In July of 2016, an amendment to the spending bill would have prevented banks from being penalized for working with marijuana businesses, but the <\/span><a href=\"https:\/\/news.medicalmarijuanainc.com\/congress-denies-banking-services-medical-marijuana-businesses\/\"><span style=\"font-weight: 400;\">amendment was blocked<\/span><\/a><span style=\"font-weight: 400;\"> from a vote by the House Committee on Rules. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Until such time that federal banking rules are changed to allow cannabis businesses to secure bank accounts, these companies will need to find workarounds to allow them to gain the banking services they need, according to the piece.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Find additional cannabis industry coverage on <\/span><a href=\"https:\/\/news.medicalmarijuanainc.com\/\"><span style=\"font-weight: 400;\">our news page<\/span><\/a><span style=\"font-weight: 400;\">, or click <\/span><a href=\"https:\/\/medicalmarijuanainc.com\/news\/\"><span style=\"font-weight: 400;\">HERE<\/span><\/a><span style=\"font-weight: 400;\"> for more Medical Marijuana, Inc. company news. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Limits to marijuana banking services is trending in the national media this week with article featuring Medical Marijuana, Inc. executive.<\/p>\n","protected":false},"author":1,"featured_media":2195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[162],"tags":[],"class_list":["post-2194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media-coverage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Medical Marijuana, Inc. 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