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Started By
Message
Did you know marijuana dispensaries cant have a regular bank account?
Posted on 4/3/20 at 11:53 am
Posted on 4/3/20 at 11:53 am
I just learned of this recently, perhaps you well-read scholars already knew...
LINK
quote:
The main concern banks face is that because marijuana remains on Schedule 1 of the Controlled Substances Act, accepting deposits from cannabis businesses that actually handle the plant can be deemed money laundering. Under federal law, money obtained from illegal transactions cannot be FDIC insured, and banks are required to insure all their depository accounts. You see the problem.
LINK
8
Posted on 4/3/20 at 11:54 am to The Mick
You looking to knock off some dispensaries?
Posted on 4/3/20 at 11:54 am to The Mick
quote:
The Mick
This wasn't common knowledge?
Posted on 4/3/20 at 11:55 am to The Mick
Yes because banks are federal and marijuana laws are are local/state laws. Old news.
Posted on 4/3/20 at 11:55 am to The Mick
you just figuring this out?
Posted on 4/3/20 at 11:56 am to ultratiger89
Lot of money in Security Companies in Oregon
Posted on 4/3/20 at 11:57 am to The Mick
Yep, not as big a deal in the southeast, but in states where it is legalized it is an issue. For the record, the House passed something last fall, not sure where it went in the Senate. I work for a big bank and remember the headline on our intranet site, but haven't seen anything since then.
Posted on 4/3/20 at 11:58 am to The Mick
not entirely correct.
Here in Oklahoma they can but the fees the banks charge to cover the risk of doing business with them makes them unusable.
I'm going on memory, but one of the dispensary owners here told me it was $2500/month and then a 5% on top of that. He had three accounts - One for the dispensary, one for his extraction lab and one for the grow. All three were separate businesses.
Here in Oklahoma they can but the fees the banks charge to cover the risk of doing business with them makes them unusable.
I'm going on memory, but one of the dispensary owners here told me it was $2500/month and then a 5% on top of that. He had three accounts - One for the dispensary, one for his extraction lab and one for the grow. All three were separate businesses.
This post was edited on 4/3/20 at 12:01 pm
Posted on 4/3/20 at 11:59 am to JohnnyKilroy
quote:Not common enough apparently
This wasn't common knowledge?
Posted on 4/3/20 at 12:07 pm to The Mick
quote:yes bc of td
Did you know marijuana dispensaries cant have a regular bank accoun
Posted on 4/3/20 at 12:30 pm to cable
quote:
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