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View Full Version : What to do with that pot money..



garhkal
03-10-2014, 05:07 PM
MSNBC this morning had an interesting news piece on all the pot money coming in from the legalization of MJ, in that due to fed laws, banks are reluctant to take any. So that means those stores are having to 'bank' the money on their own, or keep them in safes..
That makes me wonder though, if the banks can't take the cash due to laws saying that they have to ensure its not being
A) Not selling to minors
B) not being a party to criminal enterprise
and so on, and with it being cash only, are the employees being given W2 statements for tax purposes? What of the workers? Are their 'wages' being not taken by banks either?

http://www.nytimes.com/2014/01/12/us/banks-say-no-to-marijuana-money-legal-or-not.html?_r=0

http://www.cnbc.com/id/101433431

efmbman
03-10-2014, 05:52 PM
I thought this was mostly settled:

http://www.washingtonpost.com/business/economy/obama-administration-clears-banks-to-accept-funds-from-legal-marijuana-dealers/2014/02/14/55127b04-9599-11e3-9616-d367fa6ea99b_story.html

I remembered reading this a couple of weeks ago.

TJMAC77SP
03-10-2014, 08:26 PM
I thought this was mostly settled:

http://www.washingtonpost.com/business/economy/obama-administration-clears-banks-to-accept-funds-from-legal-marijuana-dealers/2014/02/14/55127b04-9599-11e3-9616-d367fa6ea99b_story.html

I remembered reading this a couple of weeks ago.

Much more enticing story to talk about (along with a photo) of the cash bricks.

EDIT: CNBC is a bit out of date. The NYT article is from January and has been made moot by the Obama administration ruling which was made in February.....................

TJMAC77SP
03-10-2014, 08:31 PM
Mush more enticing story to talk about (along with a photo) of the cash bricks.

DELETED

garhkal
03-11-2014, 04:15 AM
I thought this was mostly settled:

http://www.washingtonpost.com/business/economy/obama-administration-clears-banks-to-accept-funds-from-legal-marijuana-dealers/2014/02/14/55127b04-9599-11e3-9616-d367fa6ea99b_story.html

I remembered reading this a couple of weeks ago.

Then why was MSNBC running a story on it today if it was settled a month ago?

efmbman
03-11-2014, 10:18 AM
Then why was MSNBC running a story on it today if it was settled a month ago?

I have no idea. That would be a better question for one of the producers at MSNBC. Was the declaration from the Obama Administration mentioned in the MSNBC story? If not, I would imagine someone did not do their homework.

360BHR
03-11-2014, 04:31 PM
It's not really settled since Federal law has not changed. The banks are being cautious as they don't have any idea how to accommodate these businesses. Nothing in the laws passed legalizing marijuana contained information on how the financial transactions with banks would be implemented. All that happened was the Justice Department said they have "bigger things to worry about". Even though the Administration "declared" it is OK, financial transactions dealing with marijuana still violate Federal law.

imported_WILDJOKER5
03-11-2014, 06:03 PM
Has Obama taken another vacation to Colorado since MJ has been leagalized?