Marijuana Dispensaries and the World of Banking

Marijuana Dispensaries and the World of Banking

May 22, 2017

It is legal in 23 states on some degree to sell marijuana, however these dispensaries are still forced to act as though they are running underground operations when it comes to their finances. They are constantly in danger of being robbed due to having to do business in cash, but are expected to follow a multitude of  rigorous rules. Otherwise, if they miss one step, the business owners are in danger of being shut down or even worse. Somehow it just doesn’t add up. Or does it? 

Financial institutions are federally regulated and because marijuana is still classified as a schedule 1 narcotic, the bank or credit union could possibly be subject to prosecution on money laundering charges for accepting clients who deal with marijuana. However, Deputy Attorney General James Cole issued a memo to all of the institutions about the low priority the Justice Department placed on the matter in August of 2013. The memo stated that as long as the dispensary followed some principles such as, not selling to minors, they would be fine.

Apparently the memo was not enough to ease the banker’s minds. According to Robert Rowe, Vice President and chief counsel for the American Banker’s Association, they also have reputation worries. 

Bankers worry about the minority and losing their business if they were to become a marijuana supporting institution.  

One Senator from Oregon, Senator Jeff Merkley, is proposing a bill to grant immunity to financial institutions from prosecution though! “It’s time to let banks serve these legal businesses without fearing devastating reprisals from the federal government”. He said. However the bill has been stuck in the Senate Banking, Housing, and Urban Affairs Committee since July, being voted against by the Committee chairman Richard Shelby of Alabama. 

Merkley is trying to come up with a way around the block which will help reach the goal. Spending bills are usually considered “must pass” legislation.

Read the full article here



Leave a comment

Comments will be approved before showing up.


Also in Newsstand

Minorities needed in the Cannabis Lime-Light
Minorities needed in the Cannabis Lime-Light

June 22, 2017

From Cheech and Chong to Snoop Dogg, minorities have been the face and voice of the cannabis movement. Minority public figures often embraced the plant at a time it was most stigmatized and criminalized. Now, America seems to be changing its cannabis’ tune and more socially accepting of pot. With new cannabis legislation, decriminalization, and business opportunities to start; some are questioning minority representation in the industry, and why black farmers are left without a plot. In Maryland, not one of the fifteen cannabis growers chosen by the state for cultivation licenses is minority-owned. Only 1% of the marijuana dispensaries in the nation are black owned.

Read More

Gridiron Ganja: Did Marijuana Advocacy Lead to NFL Player’s Release?
Gridiron Ganja: Did Marijuana Advocacy Lead to NFL Player’s Release?

June 20, 2017

Baltimore Ravens offensive lineman Eugene Monroe won’t be on the next roster, and it may be for his advocacy for medical marijuana. Monroe’s January recovery from a shoulder injury inspired him to write about marijuana versus opioids, and donate $80,000 to medical marijuana researchers at both Johns Hopkins University and the University of Pennsylvania. His work, he tweeted, was all for his “brothers… the players that make up the team… our future health and wellness.”

Unfortunately, his offseason, offtopic efforts failed to impress the Ravens officials. In the days leading up to his release, attitudes from the organization led Monroe to wonder if his marijuana advocacy was to blame. Interestingly, his original questions were less about the drug, and more about overall NFL healthcare.

Read More

Workplace Drug Testing Is Going To Die Because of Legal Weed
Workplace Drug Testing Is Going To Die Because of Legal Weed

June 20, 2017

It is arguable that reviewing old drug testing policies is going to be a big trend in U.S. companies in the nearest future. If the weed is legal, and the job can be done safely under cannabis influence, why would an employer be concerned about marijuana consumption enough to spend money on drug testing? 

Current situation is creating a whole lot of consequences, like people easily cheating on drug tests by adding water to their urine, or other people making money on ‘weed detox sets’ that claim to free your system of cannabis traces in just three days. More than 93% test negative, but employers continue testing. In most cases, we just avoid working for companies that drug test employees. 

Read More