Crowdfunding Site Shutters Cannabis Raise

The wildfires in Northern California are very bad, killing 41 people and causing more than $3 Billion in property damage.

Among those affected are cannabis growers who estimate crop losses affecting about 300 farms. So, the CA (Cannabis) Growers Association set up a crowdfunding site on WeCaring to help the affected farmers.

About 50 folks donated around $10,000 when the CGA received a notice from the web portal that it was terminating the campaign due to a violation of their terms of service.

You see, marijuana is illegal under federal law and thus payment processors cannot process the funding. How about Bitcoin, guys?

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at:
This entry was posted in accredited investor, Banking, Banks, Charity, checkbook, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Funding Portals, Jobs, Legislative Intent, review, Small Business, technology, VC, Venture Capital, Wall Street and tagged , , , , , , , , , , , , , , , , , . Bookmark the permalink.

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