Posted on 01/27/2015 11:41:26 AM PST by george76
MBank, an Oregon bank that last week said it would allow Colorado marijuana businesses to open accounts, now says it won't.
The Denver Post reports the bank is saying it doesn't have the infrastructure to handle the volume of customers in the pot industry. But the newspaper cites unnamed sources as saying federal banking regulators told MBank the move was too risky. Because marijuana remains illegal under federal law, companies in the industry haven't been able to find a bank to handle their business.
MBank doesn't have a Colorado location. Instead, MBank intended to have marijuana businesses deposit their cash at a Federal Reserve Bank. The money would then be credited to MBank, and then to the depositors.
Free Market Enterprize ... God BLESS Capitalists !
Banks are under WAY TOO MANY federal restrictions to deal with dope related business.
My guess is MBank was at first too stupid to know that. I’m sure Federal Regulators set them straight, muy pronto.
Gee. It’s getting harder and harder to be a hippie.
Funny, someone mentioned this morning to take cash in when buying because the businesses can’t take credit cards...the card companies can’t do business with them, I guess.
Yes, hippies have always been very concerned with banking the proceeds of their successful retail businesses.
It does seem to be getting harder and harder to be a knee-jerk anti-pot frother.
We hippies weren't so bad ... now that filthy SDS crowd that never bathed and caused all that trouble ...
Well said.
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