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  • February 14 2014

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    LA Medical Cannabis Cup 2014: Award Winners

    LA Cannabis Cup 2014 brought in a total of 162 entries. Here are HIGH TIMES' champions in each category: edibles, high CBD, concentrate, sativa, hybrid, and indica.

  • February 14 2014

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    Science: Munchie Mystery Solved

    What is it that makes you get the munchies after smoking? A team of scientists in France recently took tothe the lab to discover what it is exactly that makes stoners so attracted to food after consuming their herb.

  • February 14 2014

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    Departments of Justice and Treasury Release Marijuana Banking Guidance

    Today, the Department of Justice and the Financial Crimes Enforcement Network division of the Treasury Department released long anticipated guidance to banks and other financial institutions on how they can interact with marijuana businesses that are licensed under state law.

    Under current regulations, financial institutions are required to file suspicious activity reports when they suspect the transaction has a drug connection. The new guidance creates a three tiered system for these reports: marijuana limited, marijuana priority, and marijuana termination. This will allow these institutions to work with marijuana businesses as long as they were operating in accordance with state laws and regulations. The Department of Justice reserved the right to pursue criminal charges when they suspect businesses are breaking the guidelines they released late last year and would still require banks to report any activity they suspect to be as operating outside of state regulations.

    “Now that some states have elected to legalize and regulate the marijuana trade, FinCEN seeks to move from the shadows the historically covert financial operations of marijuana businesses,” noted FinCEN Director Jennifer Shasky Calvery in a press release. “Our guidance provides financial institutions with clarity on what they must do if they are going to provide financial services to marijuana businesses and what reporting will assist law enforcement.”

    “This reduces the burden on banks,” FinCEN stated during a briefing on the memo, “Marijuana under federal law requires a SAR. Now, the necessity is limited, reducing the banks’ burden a bit and more importantly clarifies where law enforcement focuses its attention.”

    While this is a good start when it comes to allowing marijuana businesses to operate the same as those in any other regulated industry, memos such as these can be ultimately overturned by future administrations. To make this change lasting and binding, Congress must now act to codify it into law. The Marijuana Business Access to Banking Act is currently pending before the House of Representatives and would do just that. You can click here to quickly and easily write your representative and urge him/her to support this important legislation.

    You can view the full text of the memo from FinCEN here. The DOJ memo can be viewed here.