The time has come for Illinois Cannabis and Banking these new businesses!

After what seems like an eternity, and a less than transparent selection methodology, Illinois has approved Marijuana Related Permits for:

17 Cultivation Centers, and 56 Dispensary Awardees with 8 others still under review!

Financial Institutions in Illinois will now be faced with intended and unintended consequences of these approvals!  Please contact GreenAML if you are one of these businesses approved, OR if you are a financial institution interested in learning about or Risk Management methodologies to profitably bank these businesses.   Please see the benefits of such products by visiting our page http://www.greenaml.com/financial-services/ .

We are also open for questions, concerns, or advice via our Contact Page.

MMJ and EBT Cards- Please No

Public assistance money being used for legal marijuana?  It reminds me of Katrina assistance debit cards being used for divorce or plastic surgery!

It really is in no-ones best interest to allow such withdrawals from dispensary ATM's (already a legal grey area in Colorado).  

This is a transaction that could bring additional and severely unwanted attention to the already highly regulated dispensary businesses, and the payment/ATM providers that give these services to them.

The figures are low, but every provider needs to keep this in mind and set the appropriate parameters to limit such transactions!

GreenAML has added this risk/compliance factor to our inherent risk universe and methodologies, and will continue to push for best practices and ethical behavior from everyone involved in this industry!

Courtesy of:  http://www.aol.com/article/2015/01/30/colorado-considers-ban-on-welfare-cards-at-pot-shops/21137416/?ncid=txtlnkusaolp00000058 

Destiny in Denver for GreenAML

The stars have alligned for GreenAML on another trip to the great state of Denver!  After an unfortunate mishap involving #spiritair in Fort Lauderdale I missed my ritual 8:15PM flight to Denver.  After much effort and searching there were no other flights tonight or any that would get me to DIA in time for my very important early AM meetings with some #MMJBanking pioneers and innovators.

But destiny had another plan when my brilliant lawyer found that the #FrontierAirlines flight scheduled for 9:05PM departure was delayed until 11:04PM.  With only minutes of leeway my support and inspiration of a girlfriend to drove me to Miami, and I negotiated my way into a ticket on a plane that was supposed to have departed!  

I strolled through TSA and smiled my way to a bulkhead seat for free{this is a must for every leg of every flight for an x-division 1 high jumper!}

The friendly folks at the charging station were mostly #weedtourists, and all were very interested in my patented process for #MMJBanking and concurred with the strategic issue of lack of banking and Credit Cards.   We all exchanged info.  Denver and Legal Weed is a great way to make friends who are actually friendly [No offense New England and South Florida]. 

I have a great feeling that my third of many excursions to the mecca of legal weed this ski season will bring great contacts and success!!  

Now take-off and some much needed rest!  

I will be in Denver friday, Vail and Beaver Creek Sat & Sun, let's meetup!

 

GreenAML promoted on Cannabiscontax.com

We would like to thank our friends at www.cannabiscontax.com for promoting us along with the best in the industry.   We are here to provide the expertise, and knowledge to help build a transparent, legal, and ethical ecosystem to continue the Revolution of the next $Billion Industry: Legal Marijuana. 

See our listing at http://www.cannabiscontax.com/cannabis-business/ 

Fed & State promote #MMJBanking the "careful" and GreenAML Way

Banking relationships continue to be an extremely difficult strategic obstacle for legal and licensed Marijuana shops and related businesses.

However, GreenAML is researching and calling around to our fellow Bank Secrecy Act and Anti-Money Laundering colleagues in legal states, and gathering some valuable information on their programs, and improving our database of value-added services to MRB's. 

Along with this research, we are finding more and more evidence that the FDIC, state regulators, and state Attorney Generals are utilizing the Cole/FinCEN memo's as guidance and are examining and following the lead of this guidance, and urging banks to bank them prudently, and safely and following the FInCEN guidance.    This is exactly what the GreenAML patented methods were built on, with significant enhancements built for community banks.

ALL States:  FDIC Letter to Washington Department of Financial Institutions

ALL States:  NCUA Letter to Washington Department of Financial Institutions

Illinois:  'Careful' banks can invest in legal Illinois marijuana:  :  Update:  Sorry Illinois, due to the governor stepping down, it doesn't look like Legal MMJ will be approved anytime soon!  But GreenAML is here is you are still interested in setting up a program for the eventual approval... 

Washington:  Summary of Washington State Guidance – BSA Expectations Regarding Marijuana-Related Businesses

The last obstacle to Legal Marijuana Banking has been lifted!

The tides are shifting in Marijuana Related Business Banking.  On Saturday, the DOJ was banned from interfering with states legal marijuana programs.  

GreenAML.com has also recently uncovered an official memorandum provided from a director of the FDIC Division of Risk Management, to a state department of Financial Institutions where medical marijuana is legal stating that FDIC examiners have been instructed to use the February 2014 FinCEN Guidance to examine Financial institution Marijuana Related Business programs. 

In plain English, the time is NOW to bank Marijuana Related Businesses, and GreenAML has the patented process to do this.  Please contact us today!