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Banks paranoid about Colorado medical marijuana dispensary accounts

on . Posted in Medical Cannabis News & Information

Wells Fargo & Co. — which medical-marijuana dispensary owners say is virtually the only bank in Colorado willing to take their business — has stopped opening new accounts for dispensaries.

Cristie Drumm, a spokeswoman for the banking giant, said Wells Fargo is examining state and federal laws to determine what the bank's risk is in working with dispensaries.

"We're not actively opening accounts with these businesses at this time," she said.

Over 1000 Attend Marijuana Caregivers Cup Expo Held in Ypsilanti hotel

on . Posted in Medical Cannabis News & Information

DVDs on how to grow your own sold for $20. Lawyers with business cards talked up pot users' rights under Michigan's medical marijuana law, passed by voters in 2008. And doctors made appointments for those seeking state approval for medical use of marijuana.

More than 1,000 people took that in and more as they milled by exhibits and crowded into lectures Saturday during opening day at the Marijuana Caregivers Cup Expo, held at a Marriott hotel in Ypsilanti.