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GOP-led House gives marijuana businesses another boost
LA Times ^ | July 16, 2014

Posted on 07/18/2014 4:18:13 PM PDT by Wolfie

GOP-led House gives marijuana businesses another boost

When it comes to liberalizing marijuana policy, Congress has once again shown that it is not always the liberals taking the lead.

The GOP-dominated House on Wednesday delighted cannabis advocates by voting to prohibit law enforcement from going after banks for doing business with state-licensed marijuana growers and sellers.

The measure would be a boon to the marijuana business. Currently, banks fear taking on dispensaries and related companies as clients out of concern that the relationship puts them at risk of being a target for federal drug and treasury agents.

The banks had found little solace in recent assurances by the Obama administration that it had no plans to prosecute them for such relationships. Almost all continue to see too big a risk in getting involved with the rapidly growing pot sector.

That has left dispensaries and other marijuana businesses in a dangerous predicament, forced to keep massive amounts of cash on hand and hire private security firms to cart it off site.

In June, Denver police alerted local pot businesses that they had become aware that a group of criminals was conspiring to target the cash-rich companies throughout the metropolitan area.

In years past, proposals like the one the House approved Wednesday have failed to muster enough GOP votes to pass. But that changed in May, when dozens of Republicans voted in favor of an amendment to block the Drug Enforcement Administration from targeting medical marijuana businesses operating legally under state laws. The measure passed and it, too, is awaiting action in the Senate.

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


TOPICS: Culture/Society
KEYWORDS: cannabis; marijuana; pot; wod

1 posted on 07/18/2014 4:18:13 PM PDT by Wolfie
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To: Wolfie

Makes sense to me. A business is either legal or it’s not.

CC


2 posted on 07/18/2014 4:22:44 PM PDT by Captain Compassion
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To: Wolfie
Unless they have totally botched the story, which entirely possible with the LA Times, this won't help much.

The main fear of the banks is the federal regulators. Federal law prohibits banks doing business with persons who are conducting an illegal business. If they do they can get their license pulled. This will be a problem until Congress takes marijuana out of the Schedules for which there is criminal enforcement.

3 posted on 07/18/2014 4:36:31 PM PDT by colorado tanker
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To: Wolfie
It's always funny when a liberal newspaper praises Republicans.

Great example of that was in the 1960 Kennedy-Nixon debates. Regarding Cuba, Kennedy got to the right of Nixon, because Nixon, as a member of the Eisenhower administration, had to pretend he was against taking out Castro, since the Eisenhower administration's planning to invade Cuba was a secret. (A year later Kennedy screwed up the invasion.)

But Nixon couldn't let on, even though he was one the leading proponents within the Eisenhower administration of invading Cuba.

So the NY Times praised Nixon's "reasonableness" on Cuba in the debates.

Nixon thought his having to play down invading Cuba cost him the election.

4 posted on 07/18/2014 4:59:51 PM PDT by MUDDOG
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To: MUDDOG

RINO’s love being praised by leftists.

When it happens the rest of us should understand the RINO’s have done something wrong.


5 posted on 07/18/2014 5:00:53 PM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: Wolfie

I’ve read that the cash-only aspect of the marijuana trade has produced a bull market for security escort services in Colo.


6 posted on 07/18/2014 5:03:59 PM PDT by nascarnation (Toxic Baraq Syndrome: hopefully infecting a Dem candidate near you)
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To: GeronL

We’re 20 years into the Internet era, but the MSM is still able to prop up a corrupt totalitarian regime.


7 posted on 07/18/2014 5:10:27 PM PDT by MUDDOG
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To: MUDDOG

Unfortunately all major internet portals are controlled by progressives or libertarians.


8 posted on 07/18/2014 5:12:10 PM PDT by nascarnation (Toxic Baraq Syndrome: hopefully infecting a Dem candidate near you)
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To: nascarnation

Instead of turning the country around, looks like we’re just doomed Demosthenes on the Internet warning against encroaching tyranny.


9 posted on 07/18/2014 5:24:40 PM PDT by MUDDOG
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To: colorado tanker
The main fear of the banks is the federal regulators. Federal law prohibits banks doing business with persons who are conducting an illegal business. If they do they can get their license pulled.

I assumed that's what the story meant by "prohibit law enforcement from going after banks for doing business with state-licensed marijuana growers and sellers." But it is a slipshod way of putting it.

10 posted on 07/18/2014 5:50:09 PM PDT by ConservingFreedom (A goverrnment strong enough to impose your standards is strong enough to ban them.)
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To: Wolfie

More accurately:

“The 236-186 vote rejected a move by Rep. John Fleming, R-La., to block the Treasury Department from implementing guidance it issued in February telling banks how to report on their dealings with marijuana-related businesses without running afoul of federal money-laundering laws.”

- http://www.foxnews.com/politics/2014/07/17/house-votes-to-allow-marijuana-related-banking/


11 posted on 07/18/2014 5:52:51 PM PDT by ConservingFreedom (A goverrnment strong enough to impose your standards is strong enough to ban them.)
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