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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRising marijuana sales leave pot shops flush with cash they can’t deposit
Legal marijuana in states like Colorado and Washington have surpassed revenue expectations in their first few years. But when marijuana businesses try to pay their taxes, the federal law that makes marijuana illegal limits their access to financial institutions.
Despite assurances from the Treasury Department that they would not be prosecuted, banks have been reluctant to open accounts for weed-related businesses. Some banks that accept money generated by marijuana sales fear that they may leave themselves open to federal money-laundering charges.
Thats forced marijuana businesses in several states to keep their profits in cash. And when those businesses have to pay sales and other taxes, they deliver those payments in cash something almost no other business has to do.
http://www.washingtonpost.com/blogs/govbeat/wp/2015/04/27/rising-marijuana-sales-leave-pot-shops-flush-with-cash-they-cant-deposit/
Renew Deal
(81,861 posts)Robbers know these place have cash which makes then robbery targets.
http://www.democraticunderground.com/10024447276
hunter
(38,317 posts)former9thward
(32,025 posts)The bank would still be under federal law. The banks assets could be seized at any time.
melman
(7,681 posts)Even in the Netherlands weed is not really legal. They can sell it in the coffeeshops but there is no legal way to stock those shops.
951-Riverside
(7,234 posts)That is so evil.
Logical
(22,457 posts)SoCalDem
(103,856 posts)Many are investing it in real estate. If you have cash and can prove you came by the cash legally, you CAN buy real estate with cash.
As long as the pot shops are legal, so is the money..
We paid cash for our last two cars..real cash..not a cashier's check, and all we had to do was fill out a paper for the IRS..
Eventually , a "special" pot-bank will spring up and the problem will be solved..Until then, security firms will be raking in the dough protecting the stash