Replies to post #31693 on Hemp Inc (HEMP)

[mrscashflow]

The Obama Administration May Have Just Sparked a Marijuana Tidal Wave

The marijuana industry just got a critical boost in its effort to become a massive and completely legitimate business. On Friday, two federal law-enforcement agencies released coordinated statements clearing the way for banks to take deposits from and offer financial services to marijuana producers and retailers without fear of prosecution for money laundering.

To say that this will ignite a revolution in the still upstart industry would be an egregious understatement. "It is imperative that this legal industry have access to banking the same as every other business sector," said Mike Elliot, executive director of the Medical Marijuana Industry Group. "To continue doing business on a largely cash basis creates serious safety issues for owners, employees, and customers."


An industry awash in cash
As the legal marijuana industry develops in Colorado and Washington -- click here to access our recent in-depth series on the business of legal marijuana -- entrepreneurs have run up against a major problem: Banks won't provide them financial services or, for that matter, even accept their deposits, leaving retailers and wholesalers awash in copious amounts cash.

The reason is that marijuana remains an illegal drug under federal law. As a result, banking statutes and regulations make it a crime for financial companies to handle the proceeds of any business engaged in the production, distribution, or sale of the drug. In short, it would be considered money laundering.

Read more: http://www.fool.com/investing/general/2014/02/16/the-obama-administration-may-have-just-sparked-a-m.aspx

[thatguy89]

hey i'm legit. I aint on here to bullshit, I wanna make money. And see what I said, I predicted it was going to go down. I am going to run my theory/strategy for the next few hours to see whats going to happen. I cant say at this point, though I do know it is likely to decline a bit more. Stay away from the pumpers. Do your research my friend. As a new guy, I am learning VERY FAST and VERY WELL. I will continue to exercise patience and educate myself. I am impressed with myself (and i dont like to toot my own horn, but TOOT! TOOT!)