Banking

Banking for the Marijuana Industry – Big Banks Don’t Bite

We know that in a couple years, the federal government will realize its major misstep in keeping “marijuana’ illegal, since they are missing out on a huge amount of tax revenue.  But it takes the federal government time to exercise common sense (sometimes, an infinite amount of time), and in the meantime, the 200 million people living in States and localities that have ‘legalized’ marijuana (with THC, the psychoactive component) are purchasing products – and the businesses selling those products have nowhere “legal” to put their cash.

So, approximately $3 billion is out of the “system” and can’t be monitored.  Big Brother hates that and is offering a special program where big banks can “legally” accept the money and monitor it for “suspicious” or “criminal” activity.  Big banks aren’t’ biting. I wonder why…

Let’s think about this real quick.   The federal government, who says that marijuana is “illegal” wants people who are selling marijuana to put their money in banks, so the government and big banks can monitor “criminal” activity.  Hmmm, would YOU trust the federal government?  I think that it is astounding that they actually think that people will fall for this, since the feds are always cash and asset hungry, and any person or business who is buying or selling anything with marijuana is STILL technically breaking “federal law”.  Hilarious.

I know that States are trying to help alleviate this issue, especially with the use of credit unions.  There are a lot of solutions, of course, it is just dancing around the guillotine of federal law.  Cash is a great way to maintain your privacy, and we aren’t afraid to say it!

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