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Jesus Malverde

(10,274 posts)
Thu Feb 20, 2014, 05:17 PM Feb 2014

Colorado's marijuana firms beg banks to take their cash

"Let's just say we have a couple of armed staff," he says.

The owner of Pink House, a marijuana dispensary in Denver, Colorado, Mr Klug has armed his employees because he has been unable to find a bank that will accept the thousands of dollars of cash he takes in each day since recreational cannabis became legal in Colorado on 1 January.

"Even armoured cars have been told not to do business with us," says Mr Klug.

That's because while Colorado has legalised cannabis, most banking institutions are governed by federal laws which make it a crime to take money from firms engaged in the cultivation and sale of what is technically still an illegal drug.

While the Obama administration has recently attempted to convince banks that it will not prosecute them for doing business with Colorado's firms, issuing new guidance just last week, the banking industry remains unmoved.

"An act of Congress is the only way to solve this problem," says Colorado Bankers Association president Don Childears, who says he has continued to advise banks to refuse cannabis cash out of fear of money-laundering charges.

Read More: http://www.bbc.co.uk/news/business-26248396

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Colorado's marijuana firms beg banks to take their cash (Original Post) Jesus Malverde Feb 2014 OP
Oh for fucks sake. NV Whino Feb 2014 #1
stranger even the armor car companies. Jesus Malverde Feb 2014 #2
I'm so fed up with all this shit from the government I'm just speechless. NV Whino Feb 2014 #3
I think if you were in the business Jesus Malverde Feb 2014 #4

Jesus Malverde

(10,274 posts)
2. stranger even the armor car companies.
Thu Feb 20, 2014, 06:03 PM
Feb 2014

I believe they have been specifically told not to do business with dispensaries.

hiring armed security could make you eligible for a 10 year weapons related enhancement to any fed conviction. It's sketchy what the feds are doing.

Jesus Malverde

(10,274 posts)
4. I think if you were in the business
Thu Feb 20, 2014, 06:18 PM
Feb 2014

It would be hard to sleep soundly at night knowing the jack boots of the DEA can ram your door down any time, and kill your pets. Refer your children to CPS, confiscate your property and maybe even kill you.

The drug war is a war on people. Primarily minorities and the poor. It needs to end.

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