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Enforcement Network, the Office of Foreign Asset
Control and the Internal Revenue Service to pro-
vide a highly controlled banking solution within
the scope of present laws to help Colorado and
Washington conform to the USDOJ enforcement
priorities.
¡°Presently, there are a host of banks and credit
unions in Colorado and Washington that we un-
derstand are willing to provide normal banking
relationships to state marijuana licensees,¡± the
letter says.
A copy of the letter signed by both governors can
be found at:
www.colorado.gov/cs/Satellite/GovHickenlooper
Health & Nurturing
2013 November
Pg 7 - The Sunshine Express
A Letter To The Fed
and deposit cash and checks,
and pay third parties by credit or
debit cards, check or wire trans-
fer, would reduce the amount of
cash in the system.
¡°Permitting normal banking
relationships for state marijuana
licensees would also assure a
means of tracking the flow of
funds, and prevent diversion of
marijuana proceeds to illegal ac-
tivities and to states and foreign
jurisdictions in which marijuana
remains illegal,¡± the letter says.
The governors ask federal bank-
ing regulators to work with the
USDOJ, the Financial Crimes
Gov. John Hickenlooper and Washington Gov.
Jay Inslee, on October 2, called for flexibility in
the federal banking regulations that will allow
state-licensed marijuana producers, processors,
and retailers access to the banking system.
¡°Colorado and Washington are in the process of
implementing citizen initiatives permitting the
production, processing, and sale of marijuana to
adults for recreational use, in compliance with
state law,¡± the governors say in a letter together.
¡°Access to the banking system by these state-
licensed businesses is a necessary component in
ensuring a highly regulated marijuana system
that will accurately track funds, prevent criminal
involvement, and promote public safety. In order
to achieve the mutual federal and state goal of
establishing tightly-controlled marijuana regula-
tory systems, we urge you to issue inter-agency
guidance that will allow legal, licensed marijuana
businesses access to the banking system.¡±
The letter was sent to Jacob Lew, Secretary of the
Treasury; Ben Bernanke, Chairman of the Board
of Governors of the Federal Reserve; Martin Gru-
enberg, Chairman of the Federal Deposit Insur-
ance Corporation; Thomas Curry, Comptroller of
the Currency in the Office of the Comptroller of
the Currency; Richard Cordray, Director of the
Consumer Financial Protection Bureau; and Deb-
bie Matz, Chairman of the National Credit Union
Administration.
The letter calls on federal banking regulators to
provide guidance to enable the banking industry
to offer full banking services to state marijuana
licensees.
¡°It is apparent through the work of our state reg-
ulatory agencies and testimony before the U.S.
Senate Judiciary Committee that, absent a means
to properly account for the significant amounts
of cash generated by licensed marijuana produc-
ers, processors and retailers, our states¡¯ and (U.S.
Department of Justice¡¯s) interests in promoting
public safety and preventing diversion of mari-
juana and criminal activity will be exceedingly
difficult,¡± the letter says.
For example, the letter says, both states will soon
be licensing hundreds of retail stores, each of
which will, without a normal banking relation-
ship, be forced to conduct business on an all-
cash basis. ¡°This creates an unnecessary inviting
target for criminal activity,¡± the letter says.
Enabling marijuana producers, processors and
retailers to accept credit and debit cards, accept
new sales to new grow warehouses.
Marijuana production now accounts for 1% of all
electricity consumption in the US, and this figure
is likely to rise as more states decriminalize com-
mercial cannabis growing. With electricity costs
accounting for as much as half of cannabis grow
expenses when using HID grow lights, there is in-
creasing pressure for growers to consider energy
efficient options, like LED.
The report titled, Grow Lights For Legal, Com-
mercial Marijuana Growers, provides advanced
lighting manufacturers with critical horticultural
science as well as grower perceptions about light
output, coverage area, color, PAR watts, and the
most important spectral peaks for photosynthe-
sis. The report¡¯s conclusions include dozens of
recommendations for LED grow light manufac-
turers, for product development, and marketing
to commercial growers. For more information
about this report, and related consulting services,
email: david@lightingsold.com
(source: pr.com)
A new market research report published Oct
18 by Lighting Solution Development of Pitts-
burgh, PA, reveals a large and rapidly expand-
ing market for horticultural grow lights to legal,
commercial marijuana growers. As of October,
2013, 20 states plus the District of Columbia have
varying degrees of decriminalization for mari-
juana, including legal commercial growing. Two
states, Colorado and Washington, have legalized
growing for recreational use. Some of these states
are close to completing new regulatory policies
for commercial growers, and will begin issuing
grower licenses in 2014. States poised to issue
new licenses include: Washington, Massachusetts,
and Connecticut. This will spark construction of
dozens of new ¡°grow warehouses,¡± up to 50,000
square feet each, in some states. A single grow
warehouse can purchase hundreds of grow lights,
typically 1,000W HID. New advanced technology
grow lights (such as LED, induction, and plasma)
can provide manufacturers millions of dollars in
A Growing Opportunity
¡°Marijuana production now accounts for
1% of all electricity consumption in the
US.¡± - Lighting Solution Development market research