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Accela Partners with NCS Analytics to Create Next-Generation End-to-End Cannabis Regulatory System photo

Accela Partners with NCS Analytics to Create Next-Generation End-to-End Cannabis Regulatory System

12/10/19

SAN RAMON, Calif., Dec. 10, 2019 /PRNewswire/ -- Accela, the leading provider of cloud-based solutions for government, today announced a partnership with NCS Analytics, a data analytics firm that provides regulation-specific actionable insights and decision support to governments and financial institutions, to bring a new level of refinement and reliable data to cannabis regulation. Through the power of a comprehensive platform that collects and analyzes data from sources across the industry, users can now be alerted of potentially high-risk activities and empowered to make better informed decisions, optimize revenue, and improve public safety. The NCS partnership is a new component of Accela's... Read More >
A way to protect pot lenders: Spotting high energy users photo

A way to protect pot lenders: Spotting high energy users

8/5/19

By Nathan DiCamillo A Denver-based fintech says it believes it's found a key to figuring out whether a legally sanctioned pot grower is engaged in suspicious activity — energy output. A large-scale pot greenhouse uses eight times as much electricity per square foot compared to an average U.S. office building, according to one study. NCS Analytics, which is building a data portal between banks, two states and marijuana related businesses, or MRBs, to sift through information for suspicious activity is adding a method to track pot growers' energy output. Such output... Read More >
Five Ideas That Can Solve the Cannabis Banking Problem photo

Five Ideas That Can Solve the Cannabis Banking Problem

6/26/19

By Joann Needleman of Clark Hill The cannabis “goldrush” shows no sign of letting up. As of January, there are more states that have legalized marijuana in some form, whether for medical or recreational use, than the 17 states that have no legalization whatsoever. For those 33 states and the District of Columbia, business is booming. A recent study from New Frontier Data, a data analytics firm focused on the cannabis industry, found that revenue from legalized marijuana nationwide would create at least $132 billion in tax revenue and more than a million new jobs... Read More >
Cannabis banking bill may falter again despite state support photo

Cannabis banking bill may falter again despite state support

6/25/19

By Sophie Quinton, Stateline.org WASHINGTON — Many state leaders are hoping the fourth time’s the charm for a federal bill that would protect banks from being penalized for serving licensed cannabis businesses. Many banks are reluctant to work with marijuana businesses or people in the industry because federal law says the plant is a dangerous drug. Seventeen state treasurers and attorneys general from 34 states and four U.S. territories back the Secure and Fair Enforcement Banking Act, authored by U.S. Rep. Ed Perlmutter, Democrat of Colorado. They argue that under current law, licensed... Read More >
Missouri’s Triad Bank now offering services to cannabis businesses photo

Missouri’s Triad Bank now offering services to cannabis businesses

5/21/19

By Nick Thomas Missouri’s medical marijuana industry has yet to launch, but that hasn’t stopped one local bank from stepping up to provide services. Triad Bank, based in St. Louis suburb Frontenac, is offering deposit services to marijuana-related businesses such as processors, cultivators and dispensaries, CEO Jim Regna told Marijuana Business Daily. The bank is well aware of the regulatory risks involved since cannabis is illegal under federal law. Regna said the bank will choose its cannabis customers carefully and consider their business histories. ... Read More >
38 Attorneys General Ask Congress To Bring Marijuana Money Into Banking System photo

38 Attorneys General Ask Congress To Bring Marijuana Money Into Banking System

5/13/19

By Laurel Wamsley The attorneys general of 38 states and territories sent a letter to congressional leaders on Wednesday, urging them: Please, let us bank the money generated by the country's booming cannabis business. Most states and several U.S. territories have legalized medical marijuana, and 10 states and the District of Columbia have legalized adult recreational use. But federal law still considers marijuana illegal, which exposes banks to legal risk if they handle weed-related money or transactions. "This is simple: Not incorporating an $8.3 billion industry into our banking system... Read More >
Michigan regulators tighten access to caregiver medical marijuana photo

Michigan regulators tighten access to caregiver medical marijuana

5/6/19

By Jeff Smith Michigan medical cannabis dispensaries will no longer have the option to buy products directly from caregivers. It’s a move that should please permitted growers, some of which have alleged that untested caregiver medical marijuana supplies are dangerous and cutting into licensed sales. The new Michigan Marijuana Regulatory Agency issued what it characterized as “new practices” in a news release on Thursday. The provisions reflect the new agency’s initial move toward establishing a more regulated market. Here are some of... Read More >
In-Depth: Marijuana Businesses Face Up To Payments Problem photo

In-Depth: Marijuana Businesses Face Up To Payments Problem

4/25/19

By Chris Sieroty Despite the perception that U.S. legalized marijuana has a payments problem, industry executives and analysts believe an increasing number of financial institutions are quietly opening their doors to the industry. “I would say instead of unbanked, it’s underbanked,” said Dustin Eide, chief executive of CanPay, a debit-based, digital payments network for the cannabis industry. In total, 33 U.S. states now have some sort of legalization of marijuana. Eide told attendees at this month’s Power of Prepaid 2019 conference in Washington, D.C. that his company now has approximately... Read More >
Is this the pot banking fix? photo

Is this the pot banking fix?

4/3/19

By Nathan DiCamillo Marijuana habits are pretty predictable. Poorer young people tend to smoke pot, while older consumers tend to use concentrated products like vape pens and edibles. While that conclusion may not be shocking, it's based on reams of proprietary data examined by NCS Analytics, a Denver-based firm that is building a data portal between banks, two states and marijuana-related businesses (MRBs) that sifts through information to alert bankers and regulators to suspicious activity. “You can take one of our markets, drop a pin on the map, and I can tell you with a pretty... Read More >

Michigan Wants to Help Pot Businesses Bank Cash

2/20/19

By Jonathan Oosting Lansing — Michigan is pulling in more than $1 million a month in tax revenue from medical marijuana businesses — and most of it is coming in the form of cold, hard cash. With legal recreational sales on the horizon, state regulators and business groups are working to address one of the most vexing issues facing the budding industry: Banks remain wary of working with cannabis companies because the drug remains illegal at the federal level. “The biggest hurdle is the fact that it is considered, by federal standards,... Read More >
The California Cannabis Authority Gains Momentum photo

The California Cannabis Authority Gains Momentum

10/31/18

In a small conference room in Yolo County last week, a number of County Supervisors, Treasurer Tax Collectors and Auditor-Controllers from around the state gathered together to talk pot. More specifically, they gathered together to talk about the numbers – cannabis permits, state cannabis licenses, tax proceeds, and how they are going to use this data to better regulate cannabis businesses in their jurisdictions. This is the California Cannabis Authority (CCA), a new Joint Powers Authority established by county governments to develop and manage a statewide database to consolidate state and local information and provide... Read More >
A half-banked industry — new cannabis businesses need access to financial service photo

A half-banked industry — new cannabis businesses need access to financial service

10/22/18

If you ever open a cannabis business, you will have this meeting: Some really big guys will contact you about your cash problem. A cash problem only they could solve. It will require unmarked, bullet-proof vans, guns, more big guys, and some special relationships with government officials. At one point, when you ask how they get the money through a specific checkpoint, one of them will reply, “We know a guy.” A little shaken from the mafia-like meeting, you might research why it is difficult for cannabis businesses to get typical... Read More >
Unique Program to Track and Trace Dollars in CA Could Pave the Way for a Banking Solution in the US photo

Unique Program to Track and Trace Dollars in CA Could Pave the Way for a Banking Solution in the US

9/13/18

State and local governments vary greatly in their ability to attract and compensate regulatory personnel that bring institutional knowledge and experience to regulate the nascent Cannabis Industry in their respective spheres of influence. Think about it, the challenge for any state or local government is to find and afford people with the experience and the know how to anticipate their regulatory needs as well as the necessary skill sets to accomplish the job. This generally means poaching from state regulatory personnel in existing legal markets or from the ranks of the private cannabis licensed companies where the upside return can... Read More >
Pot banking regtech is ready for its moment photo

Pot banking regtech is ready for its moment

7/25/18

By Nathan DiCamillo For startups developing regulation technology for financial institutions that do business with marijuana firms, there’s one clear upside to the fact that medical marijuana remains illegal under federal law. “We don't have the traditional pressures from the large scale tech players because they don't come in and play,” said Adam Crabtree, founder and CEO of NCS Analytics, a platform that tracks high-risk industries for government customers. “We all got to come into this space, grow and adapt without the big traditional tech monsters. … IBM’s Watson isn’t hopping into the cannabis industry anytime soon.” Free to bloom without fear of... Read More >