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Banks Say No to Marijuana Money, Legal or Not
nytimes.com ^ | 1/11/2014 | SERGE F. KOVALESKI

Posted on 01/12/2014 6:53:57 AM PST by rktman

“Carrying such large amounts of cash is a terrible risk that freaks me out a bit because there is the fear in my mind that the next car pulling up beside me could be the crew that hijacks us,” he said. “So, we have to play this never-ending shell game of different cars, different routes, different dates and different times.”

(Excerpt) Read more at nytimes.com ...


TOPICS: Agriculture; Business/Economy; Health/Medicine; Society
KEYWORDS: banking; dopers; libertarians; medicalmarijuana; midnighttokers; nothanks; potheads
Let's see. Locally okay. Federally against the law. Anyone think that the rico act could bite someone in the butt? Dope good. Cigarettes bad. HUH!
1 posted on 01/12/2014 6:53:57 AM PST by rktman
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To: rktman

The banks would have a conflict of interests with their cartel clientele.


2 posted on 01/12/2014 6:55:56 AM PST by Caipirabob (Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
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To: rktman

If the risks are too great, then don’t buy marijuana.


3 posted on 01/12/2014 7:01:13 AM PST by Irenic (The pencil sharpener and Elmer's glue is put away-- we've lost the red wheel barrow)
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To: Caipirabob

“The banks would have a conflict of interests with their cartel clientele.”

The cartels will do all they can to keep their money trees. Even if the people vote for legalization, they’ll fight tooth and nail to make it a nightmare with their bought officials.

Think of the political power bootleggers had in the 1930s. The drug runners have 1,000 times more profit/power today in the highest levels of every government.

The WOD has been far more successful than prohibition... for the bootleggers


4 posted on 01/12/2014 7:03:21 AM PST by varyouga
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To: rktman

If those guys aren’t fronts for a drug cartel then I don’t know who is....


5 posted on 01/12/2014 7:03:41 AM PST by DouglasKC
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To: Irenic

Or, don’t carry sacks full of cash in your trunk. Target of opportunity? Just there for the takin’. And I’m sure somebody will eventually.


6 posted on 01/12/2014 7:04:09 AM PST by rktman (Under my plan(scheme), the price of EVERYTHING will necessarily skyrocket! Period.)
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To: rktman

So many laws that the bankers are afraid to handle cash.

Time to hire more security.


7 posted on 01/12/2014 7:07:01 AM PST by Delta 21 (If you like your freedom, you can keep your freedom. Period.)
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To: rktman
A pot merchandiser with this problem could solve it easily be forming a coop with other pot merchandisers, renting a secure building with a vault (like a former bank building), hiring security to protect and deliver the cash, and then contracting with check cashing agencies who need large amounts of cash.

It's legal laundry...and it's a profitable bidness.

8 posted on 01/12/2014 7:10:09 AM PST by RoosterRedux (The only true wisdom is in knowing you know nothing -- Socrates)
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To: rktman

Steppenwolf - The Pusher
http://www.youtube.com/watch?v=3XqyGoE2Q4Y


9 posted on 01/12/2014 7:16:04 AM PST by Proud2BeRight
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To: rktman

Terrified over fifty grand?

Shoot.

Couldn’t buy his way into a decent poker game in the Bakken.


10 posted on 01/12/2014 7:18:10 AM PST by Fightin Whitey
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To: RoosterRedux

“Dude. Were we supposed to lock the vault or open the vault?” “Dude, who cares? Pass me another dooby.”


11 posted on 01/12/2014 7:22:56 AM PST by rktman (Under my plan(scheme), the price of EVERYTHING will necessarily skyrocket! Period.)
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To: Proud2BeRight

Thanks for that. :>)


12 posted on 01/12/2014 7:23:50 AM PST by rktman (Under my plan(scheme), the price of EVERYTHING will necessarily skyrocket! Period.)
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To: rktman
Picture the scene in Scarface with the parade of goons carrying duffel bags of cash into the bank.

Will Seidelbaum please pick up the blue courtesy phone, extension 420 please.

13 posted on 01/12/2014 7:29:31 AM PST by NonValueAdded (It's not the penalty, it's the lack of coverage on 1 Jan. Think about it.)
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To: varyouga

That’s not the reason why banks are refusing to give accounts to the Marijuana Industry. The reason is Marijuana is still illegal under Federal Law — the guys that can shut down and take over banks with just a stroke of a pen. They don’t want to open themselves up to God-Knows-What the Federal Government may do when it changes its mind.


14 posted on 01/12/2014 7:29:50 AM PST by Usagi_yo
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To: rktman

How will the shops in Colorado pay their taxes — with bundles of cash???


15 posted on 01/12/2014 7:30:35 AM PST by Uncle Chip
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To: Uncle Chip

Hmmmm. Let’s see here. Paying your taxes with funds obtained through federally outlawed enterprise. What a conundrum huh? I’m still thinkin’ rico statutes apply. But only in selected instances of course.


16 posted on 01/12/2014 7:36:35 AM PST by rktman (Under my plan(scheme), the price of EVERYTHING will necessarily skyrocket! Period.)
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To: rktman

The dirty dark street corner pusher is now in a store.


17 posted on 01/12/2014 7:37:26 AM PST by Proud2BeRight
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To: rktman

Not one smidgeon of sympathy from me to these dopeheads. They can live in fear, they can get robbed, beaten, killed. To hell with them.


18 posted on 01/12/2014 7:39:45 AM PST by greene66
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To: rktman

Maybe this is why my business bank has recently instituted new regulations — a charge for deposits of cash over $3000 per month. 14 cents per $100. And another charge for customers who want to remove deposits in coin, or currency, over a certain number of times per month.

Of course, I think this bank is nuts (it’s Canadian) and I am getting out of there as quickly as possible, but I don’t know why any business would want to do business there! Before you think that I’m nuts for being there in the first place, they came into town and purchased all of the independent banks. It was a forced relationship which will end soon.

Perhaps I’m not seeing the whole picture. I’m in Wisconsin, so we don’t have legalized Marijuana sellers here. But, maybe it could be the bank’s hedge against that day. Otherwise, I don’t know why any business would want to bank there. The cash transactions don’t affect my business (I have other gripes about them), but what about businesses that regularly deal in cash — like restaurants, or retail stores?


19 posted on 01/12/2014 7:51:20 AM PST by afraidfortherepublic
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To: rktman

You can have my marijuana money after your pry it from my cold, dead hands.


20 posted on 01/12/2014 8:08:06 AM PST by righttackle44 (Take scalps. Leave the bodies as a warning.)
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To: rktman
FDIC - Federal. Marijuana - Federally illegal. (should not be federally illegal, but it is)

Banks don't want their assets seized.

21 posted on 01/12/2014 8:11:47 AM PST by Darren McCarty (Abortion - legalized murder for convenience)
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To: Usagi_yo
But why is dispensing illegal and so heavily prosecuted under federal law?

-Feds have no jurisdiction in this matter per the constitution.

-Commerce clause should not apply for plants grown within a state for personal use or sales to residents of that same state.

-Just like with guns, the feds

-Medical pot has been legal in some states since 1996.

We have a bought corrupt government. It is unavoidable when so much power is in the hands of a few. An entity can hand a few $million to a few reps/regulators/etc and those edicts can push $billions to their side. All enforced at the barrel of a gun by scary trigger-happy shocktroops(SWAT).

22 posted on 01/12/2014 8:16:29 AM PST by varyouga
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To: Usagi_yo

*-Just like with guns, the feds should allow the states to make the majority of rules.


23 posted on 01/12/2014 8:18:23 AM PST by varyouga
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To: Uncle Chip
“How will the shops in Colorado pay their taxes — with bundles of cash???”

For now it appears yes. The article talks of a store owner who paid $50k in taxes with cash. With a pic to boot. Ya did read the article didn't ya? :)


24 posted on 01/12/2014 8:25:08 AM PST by varyouga
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To: varyouga
Ya did read the article didn't ya? :)

I prefer to wait for the pictures :) -- you know, the type who thinks that the movie is usually always better than the book or that a picture is worth ... 35 words.

25 posted on 01/12/2014 8:35:41 AM PST by Uncle Chip
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To: rktman

So Bitcoin becomes the currency of convenience for any illegal transactions. Fi, fie, fo fum....I smell the smell of a Soros plan!


26 posted on 01/12/2014 8:48:03 AM PST by Repulican Donkey
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To: greene66

And right back at ya.


27 posted on 01/12/2014 9:04:01 AM PST by Anton.Rutter
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To: rktman

as they go with any other legal product, so it will go with firearms...


28 posted on 01/12/2014 9:50:28 AM PST by camle (keep an open mind and someone will fill it full of something for you)
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To: rktman

Why do you hate the Tenth Amendment?


29 posted on 01/12/2014 12:58:18 PM PST by Ken H (What happens on the internet, stays on the internet.)
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To: varyouga
The WOD has been far more successful than prohibition... for the bootleggers

Absolutely!

30 posted on 01/12/2014 5:59:32 PM PST by Caipirabob (Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
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To: rktman

The U.S. market for legal marijuana, currently valued at $1.4 billion, is projected to grow to $2.3 billion in 2014 and $10.2 billion in five years.

If you think the banks aren’t going to lobby to get a piece, you’re nuts. And if we know one thing about America, the banks get what the banks want.


31 posted on 01/14/2014 4:56:31 AM PST by Wolfie
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