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  • #4
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    I'm not in banking. However banks are for the most part federally regulated. There is likely a law or two on illegal drug money lending and laundering.
    Yes I am aware the State is ok with it, but until the Fed is it appears a no go with the banks.
  • #19
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    It is up to the banks to decide whether or not someone is a good credit risk. Would you lend money to someone who wanted to build a business that the Feds might walk in and shut down? I sure wouldn't. Look's like the financing will have to come from unconventional methods.
  • #16
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    All drug laws are slightly crazy, but nothing compared to the behavior of the DEA. I complain a lot about the USA PATRIOT Act, but the erosion of personal privacy and liberties really began with the war on drugs.
  • #21
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    Why would it not be sold from pharmacies? Or at the very least from those who hold a liqueur license? Is there absolutely zero regulation in it's sale? So any Joe-blow can set up a table in his front yard - like a lemonade stand - and sell it?...that sounds safe...
  • #23
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    We're two weeks into the infancy of legal marijuana sales in two states. There will be clarification and regulation. Think about it. Joe Blow will not get to set up weed sales at his garage sale for very long. No traceable tax money and the reality is that legalization is all about more tax money. Besides, even if Joe-Blow does set up in his garage there will be pharmacy graded sales and who would you buy from? I'm going for what is inspected and graded. I don't smoke cartel dirt pot now with a medical marijuana card. Some do, so always will but they will make their tax dollars from msot.
  • #25
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    Not sure what the initiative provides, but as to pharmacies, this is not a medical marijuana initiative, but a measure to legalize for all use. Liquor stores are very stringently regulated by states, and might lose a liquor license for selling cannabis. Lemenade stand might be appropriate considering that it leads to dryness in mouth, but the regulation is probably spelled out in the actual law which was on the ballot. Propably available on line...
  • #26
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    Oh yes, and pharmacies would never risk selling cannabis, they need a federal dea licence to operate, and dea would not be very understanding on this point...
  • #31
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    @jessejaymes - It's true, most American's don't understand a discerning palate where cannabis is concerned. That being the case, many years ago a friend and I made up a new verse to Janis Joplin's "Mercedes Benz" song:

    Oh lord, won't you buy me
    Some outrageous dope
    'Cause you know that when I'm high, lord
    That's the only time I have hope.
    Gimme some of that EYE-talian sticky bud
    That's been blessed by the Pope.
    Oh lord! Won't you buy me
    Some outrageous dope.

    ;-)
  • #32
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    @jessejaymes I find it difficult to believe that it would go from illegal to a complete free for all. I don't touch the stuff myself, but I worry about you potheads getting sick..etc,etc...
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  • #54
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    Another way the government screws themselves out of tax dollars. Do you think if someone can't get a loan that'll stop them? Nope, but it'll sure stop them from paying taxes to someone that said "no, you can't start a business, we don't like what you do." If pot shops are illegal then hedge funds should be also.
  • #48
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    No did it stop people from dealing before it was legal? No. Alot of marajuana dealers ended up "very comfortable" as far as financially.
  • #43
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    A few years a go, this would have been a serious barrier, but now we have things like micro-financing to help out. Or maybe a growers co-operative to provide liquidity and a public face.
  • #42
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    The entire article is based upon an erroneous premiss Pot is not legal in Washington. Regarding drugs thus far, no SCOTUS case, federal law trumps state law, banks are federally chartered and prohibited from lending to illegal business
    CASE CLOSED
  • #41
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    You know people I don't speak to Heroin. I don't know anything about heroin. You can go online and find someone saying whatever you want them to say about anything. That sort of "documentation" is only documenting what you wanted to hear in the first place.

    I do know about pot. I smoked my first joint at 19.(First beer at 14. Beer is the gateway drug). I never liked the taste of beer or hard liquor. Once I started smoking pot I stopped drinking. Haven't consumed alcohol since. Tried other peer pressure drugs back in the 1970's but I just wasn't a druggie like so many of my age group. I smoke pot. That's what I do. I'm a double type A personality, always hard charging, hyper, aggressive, attention disorder. But with pot, I slow down, focus, get things done, stay on task.

    In the 43 years I have smoked pot I have never been arrested, I don't sell pot, I don't smoke pot with minors, I don't party with people and then drive. I smoke pot in my own home. Legally today with California Medical Marijuana. Pot will stop a headache for me faster than aspirin.. My chronic back and knee problems from playing football in the 1960's is dealt with by pot. Not pharmaceuticals, not surgery. My last treadmill heart test the doctor said I have the heart of a 35 year old.

    While dying of cancer my wife smoked pot instead of becoming a morphine zombie as most do. She wanted those last precious months to be able to know those around her. She was a Principal and a PHD. We raised three kids all of whom are more successful than their parents. One smokes pot, two don't. In the thirty years before I retired I never missed a day's scheduled work and had my own successful business.

    It just irritates the hell out of me that people will make claims that they have no basis in fact. A 10 year study that the Clinton administration refused to acknowledge (although funded by govt.) found that even hard drug addicts had an equal job performance record while alcoholics were less than half as productive. Pot smoker employees were found to far more productive than beer drinkers. Every mom and pop. chain, convenience store in America makes their living from selling beer. I can't go into one of these stores without seeing an obese beer belly 20-30 something buying cases of beer. Yet at over 60 years old I am 6' 180. Don't tell me that pot is dangerous while you're guzzling your way into a heart attack due to obesity. Pot even helped me lose weight. Most people get "the munchies". So do I. But I wanted to lose weight so I filled the house with good food. With correct food. And smoked my pot. And when you're high you'll eat that good food. Because it tastes good. When you're not it sucks and you'll just go to Wendy's. I lost 30 lbs smoking pot. Imagine that.

    Might want to know what you're talking about when you speak to marijuana.
  • #40
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    So....what? Medical marijuana has been legal there since 1998. The plants are already there growing, the dispensaries are already operating under a buisness model and i'm sure have saved up a few dollars to increase production. Just like everything in life, marijuana too can be done without a bank.
  • #27
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    Probably not. Where there's a will, there's a way, right? Banks may change their minds when they begin to see the amount of money they could make on such loans.
  • #22
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    Boy talk about the pot calling the kettle black. For many years bank after bank has been caught money laundering for illegal drugs. About 10 years ago a study declared that the U.S. Banking system would collapse if all drug money was to dry up suddenly. Banks worked with the CIA and Reagan's illegal Contra War moving money to and from Iran and Nicaragua illegally. Banks work with people like Bain Capital to spirit money out of the country and into hiding. But you won't loan money to a pot grower where it's legal? Probably because it might affect your Cartel money huh?
  • #18
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    I thought drug dealers was always cash only or they would trade for stolen items. What's the problem? They sell there drugs like always, they can't know how much taxes to pay. If they do keep track of the cash, they are gonna lie and cheat on the taxes.
  • #35
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    How is the drug dealers not paying taxes any different than corporations, wall street and congress for that matter? They all cheat on paying taxes, Some are just better at covering their tracks than others.
  • #49
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    @FollowTheMoney If they would go ahead and legalize it on the Federal level then they would have to pay taxes and believe me it would be P L E N T Y.
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  • #14
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    Three points. We would all be better off in a cash society. Reliance on other payment options reduces privacy, simplifies surveillience and control and makes it easier to infringe on liberties. Point two, a bank account for such an enterprize is risky, as the feds can (and have in california) impound and forefeit the assets. Third point, in the sixties and seventies most pot dealers could not get loans or open business accounts in banks, they did perfectly fine, unless the cops busted them. And, although I support washingtons decision, cannabis remains illegal under fed law and it seems unreasonable to expect a bank to get involved considering the consequences...Realistically what is going on here is a dance of federalism, we are well into the dance (17 medical marijuana, 2 legalized marijuana, with varying fed enforcement actions and s ct decsions sp far), and the evdning is young. Let's see what song the feds play next...
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