Medical-marijuana dispensaries run into trouble at the bank [View all]
Source: Seattle Times
Some dispensary owners say they've resorted to euphemisms — such as a "holistic healing center" — when trying to open a bank account.
That's in part because federal authorities have warned banks that handling receipts from marijuana sales remains illegal under federal law and could violate money-laundering laws.
The conflict is not isolated to Washington, one of 16 states — plus the District of Columbia — to allow therapeutic use of marijuana for certain patients.
Aaron Smith, executive director of the Washington, D.C.-based National Cannabis Industry Association, estimates that half of dispensaries nationwide lack a bank account, which he blames on pressure from federal banking regulators.
"It is a widespread problem that threatens the entire industry," he said.
Read more: http://seattletimes.nwsource.com/html/localnews/2018103547_maribanking30m.html
It would seem if dispensaries must resort to dealing in cash, not only are they targets for robbery,
when Federal agents show up which they often do despite local laws, all cash can be confiscated.
There are a host of problems that will result from this ridiculous IMO, decision by the banks. They
will take the money of fraudulent scammers of small investors, but not legitimate local businesses.
Bill Maher should have used his $1,000,000 to invest in a few private banks in CA., WA. and other states
with dispensaries facing the same issues.
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