Colorado lawmakers moved the marijuana industry away from its cash-only roots on Wednesday when they approved the world’s first financial system for marijuana businesses. The plan sets up a network of uninsured cooperatives, which gives the industry an avenue to basic banking services. Even in light of Eric Holder’s comments on banking, marijuana businesses have still had a hard time finding banks to even let them open checking accounts, for fear of committing a federal crime. According to an AP…

As part of the federal government’s escalating efforts to shut down the medical marijuana industry, the IRS is claiming that Harborside Health Center, an Oakland dispensary that is thought by many to represent the best practices in the industry, owes them roughly $2.5 million in back taxes. The reason for this is that during the audit, the IRS would not let Harborside deduct many of its business expenses. Most of these expenses were for things that all other legitimate businesses are allowed to deduct,…

I’m starting to sound like a broken record. Yesterday, the DEA, assisted by local law enforcement, raided several Michigan medical marijuana businesses and arrested the owners. No information has been released since the investigation is ongoing. This sounds awfully familiar. Last month, federal authorities cracked down on medical marijuana facilities in Montana and California. According to all available information, those raided were in compliance with state law and were legitimate businesses. It…

From today's press release: The National Cannabis Industry Association, the first national organization dedicated to advancing the interests of cannabis-related businesses, today discussed the federal legislative needs of the industry at an event at National Press Club. Prominent leaders in the industry joined Congressman Jared Polis (D-CO), as well as the manager of See Change Strategy, an independent firm that, on March 23, released the first-ever financial analysis of the legal medical cannabis…