cookie

Translate

sabato 18 febbraio 2017

Largest U.S. Banks Host Accounts for Marijuana Businesses, Says American Banker

NEWS PROVIDED BY FinancialNewsMedia.com 

Jan 31, 2017, 08:30 ET


CORAL SPRINGS, Florida, January 31, 2017 /PRNewswire/ --

A recent study[1] commissioned by industry journal American Banker reveals that the nation's four largest banks have opened accounts for pot shops and marijuana-related businesses. This is good news for companies like Cannabis Science Inc. (OTC: CBIS), Eco Science Solutions, Inc. (OTC: ESSI), Medical Marijuana, Inc. (OTC: MJNA), Marijuana Company of America Inc. (OTC: MCOA), mCig, Inc. (OTCQB: MCIG) and YiLoLife, Inc. - all of which provide a variety of services or interest to the marijuana community and would benefit from commercial banking services.

Conducted by MRB Monitor, a firm that helps financial institutions identify the risks associated with the marijuana industry, the study examined public records in the state of Massachusetts and found that 34 percent of businesses that filed to operate medical marijuana dispensaries in Massachusetts between June 2015 and September 2016 had one or more accounts at Bank of America, Citigroup, Wells Fargo, or JPMorgan Chase.

If a similar pattern of working with the marijuana industry takes hold in Washington D.C. and the U.S. states that have legalized marijuana, the prospect of financial services for cannabis outfits may not be as dire as it at first appears.

Bank of America seems to have been the most accommodating. Over half of the marijuana businesses included in the survey had accounts at the bank, though it previously told the Statesman Journal[2] that, "As a federally regulated financial institution, we abide by federal law and do not bank marijuana-related businesses."

Guidelines issued by federal authorities in 2014 appeared to have offered financial institutions a legal avenue to provide their services to marijuana-related businesses (MRBs). Back then, the Financial Crimes Enforcement Network (FinCEN), part of the U.S. Treasury Department, provided guidance[3] it said was meant to enhance the availability of financial services for, and the financial transparency of, marijuana-related businesses.

Yet, under the Controlled Substances Act (CSA), it is illegal to manufacture, distribute, or dispense marijuana, and marijuana - like heroin, LSD and ecstasy - remains a Schedule 1 substance under the statute.

In December 2016, U.S. Senator Elizabeth Warren, D-Mass, a member of the Senate Banking Committee, along with nine other senators sent a letter to FinCEN requesting guidance on how banking services might be offered to 'indirect businesses' that provide services to the state-sanctioned marijuana industry.

Hopefully, after nomination season comes to a close, a response to that letter will be forthcoming; there's a lot at stake. As ArcView Market Research wrote, "Cannabis is arguably the fastest growing industry in the world. Regulated marijuana sales in North America totaled $6.9 billion in 2016, a 30 percent increase from 2015. Sales are projected to increase to $21.6 billion by the year 2021 representing a 26 percent compound annual growth rate."

YiLoLife is gearing up to reap this burgeoning marijuana harvest. The company recently offered up to 5 million shares of its Class A common stock, at a price of $3.28 per share, under a Regulation A+ filing. YiLoLife plans to use some $12 million from this share offering in adding capital assets, as well as toward the acquisition and development of cultivation, food processing and distribution facilities. A further $1.5 million will be expended on equipment, furniture and fixtures and $1.0 million will go to improve security. The remaining $1.9 million will be allocated toward bolstering working capital.

Other industry players are also positioning themselves. Cannabis Science (CBIS) is a biotech company that discovers and develops novel cannabinoid-based therapies to those critically in need of new treatments for life threatening and debilitating conditions. Eco Science Solutions, Inc. (ESSI) is a Hawaii-based technology company targeting the multi-billion dollar health and wellness industry.

Marijuana Company of America (MCOA) is a marketing and distribution company that plans to deliver all the benefits of cannabis by providing a wide range of services for cannabis businesses and entrepreneurs. The company focuses on leisure, wellness, health, and beauty-specific cannabis products.

Medical Marijuana, Inc. (MJNA), the first publicly traded cannabis company in the United States, announced this week that its subsidiary HempMeds® Mexico has launched its new website, featuring a fresh interface, educational info, and online services for medical marijuana customers.

And last but not least is mCig (MCIG). Driven by a management team with over 75 years of combined experience, this is a company that provides turnkey, durable, modular, ISO clean, high-yielding cultivation rooms to marijuana growers.

*Sources:

1. American Banker http://dtn.fm/VAWa8

2. Statesman Journal http://dtn.fm/coPF7

3. FinCEN http://dtn.fm/SB8p6

For more information on YiLo please visit the company's crowd-funding page at http://www.yilo.com/stocks2850

Please read all Disclaimers for FULL Compensation Disclosures and other disclaimers

Yilo Disclosure & DTN Disclaimer

DISCLAIMER: DreamTeamNetwork.com (DTN) is source of content listed above. FN Media Group, LLC (FNM), is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with DTN expressed in this release by DTN are solely those of DTN and are not shared by and do not reflect in any manner the views or opinions of FNM. DTN & FNM is not liable for any investment decisions by its readers or subscribers. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM was not compensated by any public company mentioned herein to disseminate this press release.

DTN & FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and DTN & FNM undertakes no obligation to update such statements.


Media Contact: editor@financialnewsmedia.com, (954)345-0611


Nessun commento:

Posta un commento