February 14th, 2014 / Corona, CA / ACCESSWIRE / Extreme
Biodiesel, Inc. (XTRM) today announced through its wholly owned
subsidiary XTRM Cannabis Ventures that the U.S. Government has
issued new rules aimed to improve banking in the Marijuana
Industry.
The Obama administration issued new rules today aimed
to ease the concerns of banks wanting to deal with businesses that
legally sell marijuana, something the nation's banks have so far
declined to do.
The new rules, issued by the Treasury and Justice Departments,
are intended to "move from the shadows the historically covert
financial operations of marijuana businesses," said Jennifer Shasky
Calvery, director of Treasury's Financial Crimes Enforcement
Network.
As of late, Marijuana vendors operate strictly with
cash, creating a tempting target for thieves. Treasury Department
officials say the revised rules should reduce the dangers
associated with conducting an all-cash business.
Under the new regulations, banks wishing to conduct
business with marijuana dealers must verify that they are properly
licensed and must gather information about the types of products
they sell and the nature of the customers they serve. Banks must
also be on alert for any signs that the dealers are engaged in
improper transactions.
Current rules require banks to notify federal regulators of
suspicious activity by their customers, which currently would
include any marijuana dealer because of the prohibitions under
federal law. Under these new rules, the notices will still be
required, but banks that believe a marijuana dealer is reputable
will file a "marijuana limited" report.
If a bank believes a vendor is not behaving under
guidelines, the bank should file a "marijuana priority" report,
which could be based on such factors as greater revenue than local
competitors or an inability to demonstrate that revenue is derived
exclusively from legal sales.
"Every financial institution will have to make its own risk
assessment and whether it makes businesses sense," said an
administration official. "While it may not reassure every bank,
we're proving an opening for those who want to serve this
sector."
A Treasury Department official said demand has been especially
heavy in Colorado and Washington, where retail sale of marijuana
was is now legal under state law.
The Justice Department Friday directed federal prosecutors to
focus their resources on suspicious dealers when considering filing
charges of money laundering or other offenses against banking
transactions by marijuana dealers.
XTRM President Joseph Spadafore stated "This news comes as a
wonderful surprise. XTRM is positioning itself to be a leader
in the Cannabis sector. We are laying out a master plan and doing
our due dilligence on the 40 acre piece of land we opened escrow on
this week. This is a great day for investors."
Recent Announcement
XTRM Cannabis Ventures a wholly owned subsidiary of Extreme
Biodiesel has opened escrow on a 40 acre parcel in California with
plans to cultivate Hemp and Marijuana as well as the construction
of a massive indoor grow facility.
XTRM Cannabis Ventures plans to develop the 40 acres to
accommodate up to five 20,000 sqft warehouses for indoor marijuana
/ cannabis growth, 20 acres for outdoor Hemp cultivation for
biodiesel, and an industrial center to process marijuana / cannabis
into smokeless products."
More information is coming out about the breaking development.
Please check xtrmcannabisventures.com for updates.
Other Relevant Links
Letter from Congress to Obama
http://blumenauer.house.gov/images/stories/2014/02-12-14%20Blumenauer%20Rescheduling%20Letter.pdf
Legalization of Hemp
http://www.marketwatch.com/story/victory-for-hemp-farmers-as-us-house-of-representatives-legalizes-the-cultivation-of-hemp-2014-02-03?reflink=MW_news_stmp
About Extreme Biodiesel and XTRM Cannabis
Ventures
Extreme Biodiesel is an alternative fuel and recycling company.
Our mission is to provide a cost-effective, high-quality
alternative diesel fuel, create "green" jobs, reduce the
environmental impact of fossil fuels and diminish US reliance on
foreign oil. Extreme Biodiesel is currently repositioning itself
into a holdings corporation with focuses on Bio Diesel, Real
Estate, Technology and Cannabis Sectors
XTRM Cannabis Ventures is a wholly owned subsidiary of Extreme
Biodiesel focused in the sector of Medical Marijuana, Cannabis and
Hemp related products.
XTRM Cannabis Ventures Disclaimer
The Company would like to assure all investors that in all
cannabis related actions the Company is conferring with counsel to
be sure any business activities are deemed legal. XTRM advises all
investors to see the website being developed at
http://xtrmcannabisventures.com/
Investor Relations Contact
info@extremebiodiesel.com
855-736-7360
Safe Harbor Disclaimer
Forward-Looking Statements are included within the meaning of
Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements
regarding our expected future financial position, results of
operations, cash flows, financing plans, business strategy,
products and services, competitive positions, growth opportunities,
plans and objectives of management for future operations, including
words such as "anticipate," "if," "believe," "plan," "estimate,"
"expect," "intend," "may," "could," "should," "will," and other
similar expressions are forward-looking statements and involve
risks, uncertainties and contingencies, many of which are beyond
our control, which may cause actual results, performance, or
achievements to differ materially from anticipated results,
performance, or achievements. XTRM is under no obligation to (and
expressly disclaim any such obligation to) update or alter our
forward-looking statements, whether as a result of new information,
future events or otherwise.
Extreme Biodiesel (CE) (USOTC:XTRM)
Historical Stock Chart
From Nov 2024 to Dec 2024
Extreme Biodiesel (CE) (USOTC:XTRM)
Historical Stock Chart
From Dec 2023 to Dec 2024
