Posted on 05/08/2014 3:18:43 PM PDT by SeekAndFind
Colorado lawmakers approved the first financial system for the marijuana industry Wednesday, a network of uninsured cooperatives designed to give pot businesses a way to access basic banking services.
The plan seeks to move the marijuana industry away from its cash-only roots. Banks routinely reject pot businesses for even basic services such as checking accounts because they fear running afoul of federal law, which considers marijuana and its proceeds illegal.
The result: Pot shop owners deal in large amounts of cash, which makes them targets for criminals. Or they try to find ways around the problem, like drenching their proceeds in air freshener to remove the stink of marijuana and try to fool traditional banks into accepting their money.
(Excerpt) Read more at nbcnews.com ...
Slippery death spiral slope
Colorado used to be a nice place. What happened? Did all the leftist dopers from California move there?
Sounds like it
When is take your kids to pot-fest day happening this year?
Disgusting
As a bank employee, we take a continuing ed. class on anti-money laundering. This “co-op” is eerily similar to the fictional scenario of possibilities of “money luandry operation “ in the AML course.
That is what I’ve heard. Allegedly Californians flooded the state. You can add Colorado to the list of states that are “Gone,” i.e. California, Colorado, Illinois, New York, Massachusetts, New Jersey, New Mexico, Washington. Going are Texas and Arizona. Fell free to name additional states.
A doobie saved is a doobie earned.
I read that since all the transactions are in cash, there has been a huge boom in private security forces to guard all the dough.
Another economic boom!
Add Maryland to that list.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.