Colorado marijuana businesses received promising news from the Department of Justice during a Senate Judiciary hearing on state and federal marijuana laws in Washington DC.

The hearing addressed a top concern for marijuana businesses, changing necessary federal regulations for marijuana companies to access financial services. Expert testimony and comments from Committee members revealed a near consensus for making changes to federal banking statutes and implementing the necessary changes quickly for public safety.  Three senators serving on the committee represent states with medical marijuana laws and discussed the legal dilemma with great awareness of the challenging realities in their home states.

Senator Patrick Leahy, chairman of the Senate Judiciary Committee, stated in opening remarks, “When the banking industry is unwilling to do business with marijuana companies for fear of violating federal money laundering laws; and with no access to banks and credit cards, the cash only marijuana businesses are a prescription for problems.”

Andy Williams, owner of Medicine Man Denver, the largest medical marijuana center in Colorado, attended the September 10 hearing.  As board member of Medical Marijuana Industry Group, MMIG, Williams made the trip to Washington DC to attend the hearing and lobby federal legislators. He described the hearing as “very positive” and called the congressional committee support for banking reform “overwhelming”. Repeated support for banking reform left Williams feeling very hopeful because “these changes will legitimize the industry”.

Also representing MMIG, Norton Arbelaez, partner and compliance officer for River Rock, called it “a historic day” and said the hearing regarding marijuana laws was “the best in living memory”.  Arbelaez describes the current banking climate for marijuana companies as “hit or miss”.  Some banks have grandfathered their current marijuana businesses and do not accept new accounts.  Some marijuana businesses have had no difficulties with banking because of a greater degree of moderation in business name and practices. The most common experience is a marijuana business opening an account, only to have the large cash deposits, often scented with the fragrance of marijuana, prompting bank officials to close accounts for fear of violating federal law. Some banks have been directly contacted by federal agents.  Recently, Rocky Mountain Credit Union received a letter from DEA advising the institution to drop all marijuana company accounts.

In regards to reforming banking access, Chairman Leahy asked Deputy Attorney General James Cole, directly, “What is the Dept. going to do?”   The next step, Cole says is for banking regulators to revise the federal money laundering statutes, which cannot be changed until direct guidance from the Department of Justice is received.  Cole indicated to the Senate Judiciary Committee these necessary communications have begun.

The hearing was full of positive rhetoric, but, says Arbelaez, something concrete needs to be done. Bank compliance departments need to know how to adhere with relevant laws. “The banks need specific guidance from the Department of Justice and State Comptrollers.”

The current lack of bank accounts and large amounts of cash make marijuana businesses targets for robbery.   With monthly payroll expenses of $150,000 and operating costs of $200,000, Medicine Man Denver grapples with a large cash operation.  This impacts employee payroll, contractor payments, and supply purchases. Cash payments are not convenient or ideal, the way businesses operate now. Supporting business, such as security companies, technology and software, and packaging suppliers, would rather conduct business normally. Says Williams, “some contractors and suppliers won’t take our business because they do not accept cash.”  It is more difficult to pay invoices and payroll with cash than with a bank card or company checks and maintain safety and security.

Another big problem facing marijuana businesses is finding investment capital for business expansion into the emerging legalization market.  More capital is needed to purchase real estate, equipment, and hire additional staff during growth phases of companies. Without access to low interest loans and traditional forms of financing, companies are limited in growth. “How can an industry grow without proper financing?” asks Arbelaez.

In testimony, Jack Findlaw, Chief Legal Counsel for Colorado Governor Hickenlooper,described cash only marijuana businesses as a “criminal and regulatory challenge”.  With the barriers to legitimate banking services, legal marijuana businesses have taken loans from “disreputable financial institutions” who often charge  high interest rates. After the necessary changes occur, Andy Williams sees an opportunity for the local banks and credit unions opening their doors to Colorado marijuana businesses. Market research suggests sales will remain largely cash based. The first banks to welcome accounts with marijuana companies win customer loyalty from beleaguered businesses and can garner the lucrative cash accounts necessary for banks to offer lending capitol to customers.  The creation of a state bank is another realistic solution for marijuana businesses.

Andy Williams says the current lack of access to bank services and the large amounts of cash sales causes public safety issues.  Most experts and Judiciary Committee members testified to concerns for public safety and repeated the request for swift federal reform.  Large amounts of cash create armed robbery targets and endanger employees, innocent bystanders and law enforcement.

Armored car services are contracted by marijuana businesses to protect employees and handle the large amounts of cash in a safer manner.  Senator Leahy asked Deputy Attorney General James Cole about reports of DEA agents threatening armored car companies into dropping marijuana business clients.  Cole replied DEA agents were asking procedural questions and not actively forcing the close of accounts.  To the contrary, Norton Arbelaez, says armored car company, Brinks was recently contacted by DEA agents and told to drop all marijuana business clients in Colorado.

Senator Leahy, repeatedly told Deputy AG Cole to resolve this matter of the DEA agents. “In the DEA maybe sometimes bureaucracy trumps reality, as it does in this case. It creates a problem.” Namely, DEA agents creating an opportunity for armed robbery that endangers innocent people and law enforcement.

It is the clear conclusion from the Senate Judiciary Hearing that changes to the federal money laundering statures is on the horizon.  Arbelaez calls this change the “last bridge to legitimacy” for marijuana businesses.

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Vaped, a California company, makes luxury vaporizers.  The glass globe edition is a fill it yourself vaporizer. It retails around $90.  In brief, it’s good, I liked it.   

The whole package comes in a metal travel tin, with a metal pick tool, the vaporizer pen  with a lithium ion battery, the glass globe with the refillable ceramic cup inside, a usb charger for the battery, and a one year warranty.  In terms of portability, this vaporizer needs to be protected for travel, it is not as slender, compact and portable as other vaporizer pens. There is no additional storage space for jars or canisters, you might want to include in the travel tin. Also, the spacing in the travel tin doesn’t allow the assembled vaporizer pen to be placed inside.

Overall, there were not a lot of instructions or explanations. The instructions provided are pretty simple. Click it on, remove the mouthpiece, fill the ceramic bowl, replace the mouthpiece hold the button and inhale a slow even draw.

The vaporizer pen is 5 inches in length. The glass globe comes apart into three pieces, the mouth piece, the glass globe exterior, and the center piece.  The plastic mouthpiece has a gasket seal at the base. It feels comfortable to use and doesn’t warm up with use like the glass.  The glass globe makes this vaporizer not as discreet as other vaporizer pens, but the heating element and smoke is visible. The button is easy to locate and use.

The center piece attaches to the battery on one side and the other side has the ceramic cup with a heating wire across the top. The ceramic bowl is small, it appears to be designed for concentrates and not bud/flowers.  Another clue this is exclusively for concentrates is the dab tool that comes in the kit.

I would prefer to have more information and care instructions for the ceramic bowl and the wire that crosses the top. It seems to be the most fragile and essential part of the unit. Is it ok to touch the wire with the pick tool? Do you put the concentrate on the wire or along the walls of the bowl?  According to the instructions only the mouthpiece is removed when loading the ceramic bowl, so touching the wire is very likely because it is being loaded from above. If the glass globe is removed to add concentrates, it is possible to use the edge of the bowl to scrape the pick clean and not touch the wire. The latter application method means removing the glass globe and putting more wear and tear on the glass and the sealing gasket.    I’m not really sure the best practice for product longevity, but I aimed to apply the concentrate on the inside of the ceramic wall and not touch the wire too much.  A look at the website shows replacement nails are available in 5 packs, so the ceramic cup is likely to be a part that needs replacing.

I sampled three varieties of concentrates, 2 waxes and a BHO. They all worked well with the vaporizer. The glass filled up with smoke, and the flavors tasted hearty. Sometimes with vaporizers, the experience can feel too ethereal, when I find myself saying, “I think I might feel something, but I’m not sure”.

I like being able to choose what concentrates to consume.  I don’t like being limited in choice by the replacement concentrate cartridges in other vaporizer pen models.  People who want the same adaptability would be interested in this vaporizer pen.

In summary, the Microvaped glass globe vaporizer pen performed well. It is easy to use.  It is less discreet and portable than other styles of vaporizer pens.  The advantage of this vaporizer pen is being more adaptable to fill with your choice of concentrates.