Pot Shops Can’t Take American Express or Deposit in Banks

[RetroGrow]

Good article.....
Makes me even more pissed off than I already was.
The pigs that are running things of course will ignore it.

 

[castout]

The BANKS do as they choose, without fear of real repercussions......look at the mortgage crisis???? The BANKS violated so many laws during that shit, and walked away, clean.
Believe me, they are circling all that money from the medial cannabis industry, they have their lawyers figuring out a way they can get their hands on it, and still stay clean.
As soon as they work out the legal issues, they will get in on it.

 

[frito bandito]

What happened to "all private property is theft"?
All banks are theft...
Even yours!

What? Talk about clueless. When you understand a thing about finances, feel free to come in here arguing and call me a thief.

 

[GMT]

The management company is still profiting from illegal drugs, and also money laundering, it is now involved in I believe, a "conspiracy" which is even worse then the original crime.
If it was this simple then the Mexican and Columbian Cartels would be doing it already, but they don't, instead they either pay US banks 10-20% to illegally clean their money or ship their dollars back to Mexico or Columbia to be laundered.


"But federal law labels the drug a controlled substance and requires banks to report related transactions as suspicious activity."

-SamS

No mate they aren't, the management co is purely offering management services, and so is clean. Your argument would leave every lawyer in the country as a conspirator in all sorts of crimes as they profit from representing criminals in court. Not to mention the owners of private jails. A management co that offers services to any other company is only profiting from financial management, which is legal. The banks could therefore legally accept their cash with no change in the law being needed. Of course the same owners of that company would also be the owners of the dispensary, and therefore if the dispensary was shut down, the management co wouldnt offer them protection from the feds on those charges, however no additional charges would be filed, there is no money laundering going on, not if the financial records were being kept legitimately, and there would be no need not to keep the financial records legitimately.

 

[Jhhnn]

whats the problem, all they have to do is set up a management company. The management company charges management fees to the dispensaries and handles all taxation issues on their behalf. The management company isn't involved in selling cannabis so the rules on bank accounts don't relate to them. the dispensary takes the cash to the management company, (ie out of the till and into the hands of a director of the management co who would also be the owner of the dispensary). problem solved.

This. Mitt Romney style.

Hell, the management company could be a Panamanian bearer corporation with addresses in the Caymans & Netherlands Antilles.