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Logical

(22,457 posts)
Mon Apr 27, 2015, 07:18 PM Apr 2015

Rising marijuana sales leave pot shops flush with cash they can’t deposit

Two months from now, on July 1, Oregon will become the fourth state to allow residents to legally purchase marijuana for recreational use. In anticipation of legalization, the governing body that will oversee marijuana licensing and sales is preparing for something unexpected: A huge influx of cold, hard cash.

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.

That’s 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/
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Rising marijuana sales leave pot shops flush with cash they can’t deposit (Original Post) Logical Apr 2015 OP
There is an additional problem. Crime Renew Deal Apr 2015 #1
This sounds like a fine opportunity for states to create their own banks, like North Dakota has. hunter Apr 2015 #2
That would not help. former9thward Apr 2015 #6
It's crazy melman Apr 2015 #3
They're purposely creating a situation where pot shop operators will face serious injury or death 951-Riverside Apr 2015 #4
I agree with you. Feds could fix this overnight. nt Logical Apr 2015 #5
There are ways to "launder it" SoCalDem Apr 2015 #7
Thanks! nt Logical Apr 2015 #8

former9thward

(32,025 posts)
6. That would not help.
Mon Apr 27, 2015, 08:27 PM
Apr 2015

The bank would still be under federal law. The banks assets could be seized at any time.

 

melman

(7,681 posts)
3. It's crazy
Mon Apr 27, 2015, 08:19 PM
Apr 2015

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)
4. They're purposely creating a situation where pot shop operators will face serious injury or death
Mon Apr 27, 2015, 08:22 PM
Apr 2015

That is so evil.

SoCalDem

(103,856 posts)
7. There are ways to "launder it"
Mon Apr 27, 2015, 08:46 PM
Apr 2015

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

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