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Dispensaries Need Access To Banking System
Posted by CN Staff on September 09, 2014 at 14:06:20 PT
Editorial
Source: Boston Globe
Massachusetts -- Nearly two years after Massachusetts voters approved medical marijuana, nine distribution centers are to open next year in places like Brookline, Lowell, Salem, and Quincy. The state licensing process for these dispensaries has been convoluted. And yet that path seems easy to navigate compared with the latest obstacle: the banking system. Because the drug remains illegal under federal law, marijuana-related businesses nationwide have struggled to find banks that will accept their deposits. This is creating a bizarre and dangerous cash management situation for businesses that Massachusetts and other states treat as legal. Federal lawmakers and regulators should acknowledge this and allow marijuana dispensaries to use the banking system safely.
Nationwide, legal marijuana sales are expected to reach about $2.6 billion this year. In February, the Obama administration announced new guidelines for banks to legally do business with state-regulated marijuana merchants. But the action doesn’t prevent federal authorities from prosecuting or otherwise penalizing those banks. Not surprisingly, banks are still leery of serving the on-the-books marijuana industry. Recently, it was reported that only 105 banks and credit unions — 1 percent of the total nationwide — provide banking services to marijuana dispensaries, according to a top federal official. The issue is most acute in Washington and Colorado, the only states to allow sales of recreational marijuana. But three-quarters of Americans now live in states with marijuana laws more lenient than the federal government’s. Thirty-five states and the District of Columbia allow some form of medical marijuana. In November, Alaska and Oregon voters will decide whether to legalize recreational marijuana.In light of a shift in public sentiment, it’s worrisome to hear of marijuana business operators having to hide tens of thousands of dollars in cash in offices and carry it around in paper bags because banks refuse to take their money. The cash stockpiling has created unintended consequences: New security businesses have sprung up to protect the cash that marijuana merchants are forced to transport. A Seattle marijuana businessman told The New York Times: “We have to play this never-ending shell game of different cars, different routes, different dates, and different times.” Meanwhile, owners of marijuana stores have to pay tens of thousands of dollars in state taxes using cash. Even more puzzling: Legal marijuana businesses without bank accounts are charged a 10 percent penalty by the IRS for paying payroll taxes in cash.Congress seems to be doing something about the problem. This summer, the US House approved a bipartisan amendment that allows banks to accept deposits from marijuana stores and dispensaries. The bill prevents the Treasury Department from penalizing financial institutions that provide services to marijuana businesses that are legal under state law. The Senate should quickly pass it so that marijuana businesses can at least begin to apply for the banking services they need. Source: Boston Globe (MA) Published: September 09, 2014Copyright: 2014 Globe Newspaper CompanyContact: letter globe.comWebsite: http://www.boston.com/globe/ URL: http://drugsense.org/url/feZVV9uzCannabisNews Medical Marijuana Archiveshttp://cannabisnews.com/news/list/medical.shtml
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Comment #16 posted by Hope on September 12, 2014 at 21:25:57 PT
That is a good story, John Tyler.
Reading it, I can so remember the feel of those times.
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Comment #15 posted by FoM on September 12, 2014 at 19:43:17 PT
John Tyler
What a wonderful story! Things were different then. What a great time it was.
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Comment #14 posted by John Tyler on September 12, 2014 at 18:20:56 PT
On being a hippie
In 1972 we were heading back east from a pilgrimage to Haight-Ashbury in San Francisco when my VW bus broke down outside Flagstaff Az. Actually it was 70 miles outside of Flagstaff. We got the bus towed to the VW dealer in Flagstaff, but the girl I was with and I had to hitchhike the 70 miles. We got to the VW dealership just in time (Friday evening) to have them schedule the repair for Monday morning. The bus would be ready Tuesday afternoon. Where to stay for four days? We left the dealership pretty bummed out and walked to a college campus not too far away. This was in the middle of June so the place was pretty deserted. There was a guy sitting under a tree playing a guitar. He was a hippy. We were hippies.
I asked him if he knew of a place where we could stay until our car got repaired. He said, “I have some room, stay with me”. There was no hesitation whatsoever. There was this hippy sharing thing that was just profound.
I, the girl with me, and another guy that was traveling with us, stayed with him for four days. We saw the sights of Flagstaff, and met the hippy community there. We had a great time. It was so cool and beautiful.
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Comment #13 posted by Hope on September 11, 2014 at 07:10:43 PT
It's hard to be a hippie
"The song reminds of when "you could up and thumb a ride from Nashville to L.A./ And everyone who stopped and picked you up would get you high along the way "" I remember those days, too. I'm remembering sharing a friendly smoke with the telephone repair man. He wasn't over thirty... so all was well. Turns our we were friendly acquaintances for many years after. He always honked when he passed the house and he was never slow about getting out here and fixing my phone if there was trouble.The song mentions waking up on the floor, too. Funny. We didn't wake up on the floor because we couldn't get up. We just wanted to stay and spend the night. :) The song says, "It's harder to wake up on the floor!" So true!It really was pretty sweet.It's hard to be a hippie anymorehttp://www.celebstoner.com/high-tunes/country/2014/02/07/billy-currington-its-hard-to-be-a-hippie/
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Comment #12 posted by FoM on September 11, 2014 at 06:40:32 PT
Hope
I know! LOL!
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Comment #11 posted by Hope on September 10, 2014 at 21:31:12 PT
Comment 9
How wonderful that you've seen him in person. I bet he does put on a great show. I was just teasing you about Willie.I did hear that Free Mexican Air Force a few years ago on a Texas outlaw country station and I loved it. ""He had a horse that could still outrun the wheel."There are so many cool lines in that song.
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Comment #10 posted by Hope on September 10, 2014 at 21:24:30 PT
These songs are cool...
But, FoM, I think Willie's Roll Me Up and Smoke Me is kind of gross. Lol! He doesn't look like he'd smoke that good. I imagine he's pretty permeated though if anyone was. He'd have to be ten years without, probably, to pass a drug test. And who would want to do that to him? We pretty much love the old man and his songs.It's done him good.
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Comment #9 posted by John Tyler on September 10, 2014 at 21:07:49 PT
Hope II
Peter Rowan…. I didn’t remember his name, but I remembered his face and voice. I saw him in concert a couple of years ago. He wrote and sang “Panama Red” and was a member of the band New Riders of the Purple Sage. After his show people brought their old New Riders of the Purple Sage LP albums for him to sign, which he did. He is a good performer. The crowd loved him.
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Comment #8 posted by FoM on September 10, 2014 at 19:48:10 PT
Roll Me Up and Smoke Me When I Die!
I don't listen to country music but I love this song by Willie! LOL!
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Comment #7 posted by John Tyler on September 10, 2014 at 18:51:12 PT
Hope
Oh yeah, I am familiar with Willie, I just hadn’t noticed the shift of the other country music people.
Rowans is great. Thanks.
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Comment #6 posted by Hope on September 10, 2014 at 18:42:30 PT
This article.
These papers urging the governmentals to change these laws. So good. I'm so thankful.
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Comment #5 posted by Hope on September 10, 2014 at 18:41:13 PT
There was confusion?
What does it mean when you didn't notice it?It's the same thing... only different. This is easier though.
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Comment #4 posted by John Tyler on September 10, 2014 at 18:32:59 PT
country rockers II
This is the link for the country rock instead of the earlier one.http://www.celebstoner.com/high-tunes/country/
Sorry for any confusion. Also Sarah Silverman will be on Saturday Night Live on Oct 4th.
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Comment #3 posted by Hope on September 10, 2014 at 12:35:58 PT
I love it Mr. John Tyler
Going to enjoy this all day long. God willing.They're great. That Brandy Clark girl could get me to listening to country again.
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Comment #2 posted by Hope on September 10, 2014 at 11:58:42 PT
John Tyler
This is great. Thank you so much.But didn't you ever hear of Willie Nelson? Lol!Or this one? Marty Robbins would have done this one well. But I like Mr. Rowan's sound.The Free Mexican Air Force Is Flying Tonighthttps://www.youtube.com/watch?v=I-XlzmXnAn0And if you liked that, you might enjoy this. Mr. Rowan is good at stand up, too.https://www.youtube.com/watch?v=4dlFMKmE7pg
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Comment #1 posted by John Tyler on September 09, 2014 at 20:10:41 PT
country music rockers
Maybe you know this maybe not. I noticed a Rolling Stone issue that featured country music rockers. It seems that our friends in the country music world seem to like cannabis a lot too. (Who knew?) It has infused their music and lyrics. I don’t consider myself a country music fan, but this stuff is rockin’ and it sounds great.
Check out these tunes. http://www.celebstoner.com/high-tunes/country/2013/12/24/brandy-clark-get-high/Make sure you get to listen to “Turtles all the way down”. It is a rocking country music psychedelic treat. And turtles have really heavy mythological symbolism too. That is a way heavy country song.
I say carry on to our country cousins.
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