There is a nail in the coffin of those making lots of money in the medical marijuana trade in Colorado…..you can’t take your money to the bank! If you can’t take your money to the bank, what good is it? Even Senator Romer is concerned about medical marijuana becoming an all cash business, but no dispensary owner wants that. All cash business is dangerous, and the business world that medical marijuana is built on, the infrastructure of rent, lawyers, suppliers etc… don’t want a handful of cash every month. After years of hard work to not be able to put your money in the bank and pay bills or buy something is really a killer for medical marijuana business owners.
Dispensary owners for the past year have been making it public that banks are giving them problems when it comes time to deposit money. In some cases bankers have allowed honest upfront clients to open bank accounts for their medical marijuana business only to receive a letter telling them they must shut down a couple of months later. The list of banks in Colorado that will not allow marijuana dollars is now non-existent as Wells Fargo announce on Wednesday 8.4.10 that they would be closing dispensary business accounts and owners had to remove funds by October 4, 2010. Wells Fargo used to blaze across the frontier with the horse and wagon getting your load safe to the bank, and you can be sure those cowboys smoked some pot on the 4 month trip to San Francisco where Wells Fargo started. Now banks like Wells Fargo back down away from marijuana dollars citing that they are “in a confusing area between State and Federal law.”
The State of Colorado set up an enormous licensing structure to regulate medical marijuana based on keeping track of money related to marijuana. The Department of Revenue is supposed to look at your assets, bank account, finances etc. to issue a medical marijuana license. How is this system going to work if the buck stops before the bank and can go no further? The Department of Revenue says that getting their job done will be difficult if medical marijuana centers are forced to work on a ‘cash only’ basis. Banks are basically forcing dispensaries into illegitimacy. The issue of none of the banks wanting the money means that the entire medical marijuana regulation scheme would unravel. The wild west of medical marijuana might just need it’s own horse drawn cash carriage and a willing banker to start Marijuana Banking USA. See www.marijuanaphotos.co to register and upload your pot pics today.blog comments powered by i420 & Disqus