Legalizing sale of Marijuana?

It refers to those firms tied up in stocks, providing financial services to the commercial and retail customers. Not to confuse it with the function named finance prevalent in all the businesses, financial services sector includes businesses carrying on activities like investing, lending, insurance, securities trading, and securities issuance. It may also include businesses following lines of security trading and analysis, investment management and financial planning. In 2010, the amount of income that was recorded as a proportion of GDP accounting to financial sector was 7.5% and the overall income of the industry grew from 10% to 20% during the same period. These economic services provided by the finance industry enlisting organizations for example credit card companies, banks and credit unions, or accountancy firms are a vital part of our life without which the world of commerce cannot exist.

Colorado legislature has decided to create world’s first financial cooperative for marijuana industry. However those backing the bill are highly doubtful about its approval because analysts are of the view that the effort, which is in addition to the requirement of a credit union for marijuana will be wasteful, because all these efforts need to be first approved by Congress who can make the changes to allow pot industries to return to normal banking. There are bills that are paid less attention in Congress, which focus on giving special exemptions to banks in states where marijuana is legal out of which only to have been approved that legalizes marijuana’s recreational sale. There is rest of the 20 bills that provide medical reasons for legalizing marijuana. Before the bill can be passed on to the federal authorities, Colorado's commissioner responsible for handling the division of financial services and responsible for overseeing the new co-op system, needs assurance that rules are established with set-up standards and laws Colorado seeks approval for marijuana industry to have its own banking segment, with its own accounts and credit system and thus can gain access to nation’s financial system. It doesn’t want any illegal activity or component of the past companies being attached to this new initiative taken and thus has decided to go through the legal channel in everything. Though there are drawbacks existing, the idea still requires Federal Reserve’s approval. Visit Bidnessetc.com to find out more about the decision.

When compared on the basis on annual revenue, Berkshire Hathaway, an insurance company with headquarters based in America, has the highest annual revenue of $162.5 billion. Two more Insurance companies namely AXA with headquarters in France and Allianz with headquarters in Germany have annual revenue of $147.5 billion and $140.3 billion, respectively. Next in the list is ICBC, which is based in China and is categorized in the banking sector, and it has annual revenue of $134.8 billion. Fannie Mae follows this by providing investment services based in US with annual revenue of $131.9 billion.