The Politics Behind the Push for a Federal Marijuana Business Banking Law

By Elizabeth Rembert | August 21, 2019

  • August 21, 2019 at 10:13 am
    Captain Planet says:
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    “John Boehner, the former House speaker, is an example. In 2011, he wrote to constituents that he was “unalterably opposed to the legalization of marijuana.”

    But in 2018, less than three years after leaving office, he joined the board of cannabis investment firm…”

    Yet, Craig says this is solely a Democratic party play.

    • August 21, 2019 at 12:56 pm
      PolarBeaRepeal says:
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      After enriching himself as a Republican, Boehner need not lie about his motives as a retired RINO. Prior to that, he had to lie to be re-elected in Ohio as an ‘R’. It’s simple to understand the switch now, right?

      The marIJuana issue is a political issue, largely split between Rs and Ds. Of course, no sensible person wpuld say it is 100% and 100% compliance with the party line as regards Ds and Rs.

      • August 21, 2019 at 1:20 pm
        Captain Planet says:
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        Hidden due to low comment rating. Click here to see.

        • August 21, 2019 at 7:08 pm
          Craig Cornell says:
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          I think Hillary uses Kapersky now . . .

      • August 21, 2019 at 1:35 pm
        Jon says:
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        I love how your political party is just totally behind their bald-faced lying politicians. Good job being part of the problem bro!

      • August 21, 2019 at 2:09 pm
        ralph says:
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        Yogi–weren’t you the one who claimed a while back to have inside knowledge that Jeff Sessions would come in and clean up the whole marijuana issue, essentially getting rid of recre-pot? How’d that work out?

        • August 21, 2019 at 2:14 pm
          Captain Planet says:
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          Yes, that was Yogi. Oh, and Romney in a landslide, too. Not to mention we were supposed to have Yogi’s healthcare plan about 2.5 years ago.

          • August 21, 2019 at 2:19 pm
            ralph says:
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            I voted for Romney…he’s a good man, and he looks even better nowadays.

          • August 21, 2019 at 9:15 pm
            Captain Planet says:
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            Agent said it and you agreed with him, said no way Obama could beat him because of Obamacare. And, you did say Sessions was going to crack down on MJ and close up the recreational shops in those states where recreational is legal. Please, please, please predict there is no way Green Bay wins the Super Bowl this year.

        • August 21, 2019 at 8:43 pm
          PolarBeaRepeal says:
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          Sessions need not clean up the stoner states. Research recently published will force legislators, along with the adverse effects of the laws, to roll back their stoner laws.

          So, Sessions didn’t need to lift a finger and researchers are being praised for their work that will save lives and careers.

          • August 21, 2019 at 9:06 pm
            Captain Planet says:
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            Meanwhile, back in reality – MJ will be recreational and federally legal within the next 10 years.

    • August 21, 2019 at 4:41 pm
      Craig Cornell says:
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      I never said that legalization was “solely a Democratic play”. Ever. Obviously, lots of libertarians like they pot too.

      Amazing how Insurance Journal allows you to lie about me but when I respond to liars, they delete the comments . . .

      I guess attacks on John Boehner and attacking “duped Conservatives” and accusing conservatives for being “part of the problem” (whatever problem that is) is relevant to banking in insurance, according to Insurance Journal.

      But when someone responds to those attacks, Insurance Journal feels they must delete the replies. Insurance Clown Magazine. Lying about Conservatives: GOOD!

      • August 21, 2019 at 9:25 pm
        Captain Planet says:
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        No one is forcing you to read Insurance Journal, Craig. If it’s such a clown publication to you, why don’t you take your tirades elsewhere?

        • August 22, 2019 at 11:55 am
          Craig Cornell says:
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          “Marijuana isn’t addictive.” Just trying to keep the truth flowing.

          • August 22, 2019 at 12:29 pm
            Captain Planet says:
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            Who said it isn’t addictive? I said it is mentally addictive. Because of its solubility, there are no withdraw symptoms, and therefore, no physical dependence. Now, if someone is altering the plant with other chemicals or substances, that could lead to physical dependence. But, in and of itself, the plant is not physically addictive.

            Evidently, you aren’t just trying to keep the truth flowing. Please stop insinuating things I never said.

          • August 22, 2019 at 7:32 pm
            Craig Cornell says:
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            And the National Institute on Drug Abuse says you can become “physically dependent” on THC.

            Remember that? It was this week I posted it.

          • August 22, 2019 at 9:20 pm
            Jon says:
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            I remember you got called out for fear mongering, for drawing conclusions for correlation not causation and generally thinking you know more than you do about the subject.

          • August 23, 2019 at 3:41 pm
            Craig Cornell says:
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            Poopy head.

          • August 23, 2019 at 3:49 pm
            Jon says:
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            About the level of wit I’ve come to expect.

      • August 21, 2019 at 9:31 pm
        Jon says:
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        They delete plenty of opposition too, don’t you fret, it’s just your arguments are usually just you repeating insults after you run out of logical reasons for your delusional thinking. So there’s a lot to delete. Also man you have a weird clown thing or what? Save it for group dude

        • August 22, 2019 at 12:10 pm
          Ha! says:
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          Surprisingly, this is one of the better arguments you’ve made..

          Stay Salty!

        • August 22, 2019 at 12:55 pm
          rob says:
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          Craig–

          my boss wanted to know why i’m laughing so hard. Thanks a lot!

      • August 22, 2019 at 12:35 pm
        CommLinesAgent says:
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        Take it somewhere else if you don’t like it here Craig.
        Remember that the internet is a wide open place.
        Unfortunately we tend to stay where we get attention though.
        Maybe a certain news outlets comment section would enjoy your comments!
        Please try it out.

        Several people have left over the years
        Hope you branch out
        I think it would be good for you
        Live and
        Let live

        • August 22, 2019 at 7:34 pm
          Craig Cornell says:
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          No thanks. Just skip over my comments if you are offended. Or offer links to science that proves me wrong. Actually, I would prefer intelligent back-and-forth or clever put downs (Jon is just so BORING.)

          • August 23, 2019 at 9:53 am
            flawedlogic says:
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            Craig: Never makes statistically significant evidence known, because he uses personal experiences.
            Most People: Craig post a link that shows the data, also personal experience is not significant. There can be multiple things contributing to this
            Craig: What about suicide, unborn children, and minorities
            People: Craig you are overgeneralizing, mental health is important, fetal alcohol syndrome so let’s have similar things set up in place, and there is no proof about the minority part
            Craig: Yes there is, my friend told me
            Others:…. again that means very little
            Craig: You just smoke too much pot
            Others: No, I am just for personal liberties similar to alcohol as it has less harmful effects on people
            Craig: nu-oh my friend told me it is worse, and I have a personal experience highlighting it is worse
            Others: Okay… just keep being someone who does not understand science and stats… you have an experience too close to home and cannot admit that there were other mental health reasons contributing to that.

          • August 23, 2019 at 10:46 am
            Jon says:
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            Nailed it once again A++

          • August 23, 2019 at 11:46 am
            Craig Cornell says:
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            I’ve posted many links before. Are you one of the few intelligent and honest readers, someone open to learning new things? Or are you like most, defending your position no matter what recent science tells u:

            Marijuana Use Linked with Schizophrenia, Anxiety, Depression and Suicide

            While use of marijuana is permitted in some states for medical use in certain situations, studies indicate that use of marijuana is strongly linked with an increased rate of schizophrenia, as well as major depression. Dr. Daniel K. Hall-Flavin, M.D., of Mayo Clinic states, “Marijuana use may trigger schizophrenia or detachment from reality (psychosis) in certain people. There is also some evidence that adolescents who attempt suicide may be more likely to use marijuana than those who don’t.”

          • August 23, 2019 at 11:59 am
            Craig Cornell says:
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            From the Harvard Political Review:

            Broken down across racial groups, minority millennials tend not to support legalization as much as their white peers. While 49 percent of white millennials favor legalization, 38 percent of African American and 37 percent of Hispanic American millennials hold the same view. Additionally, 27 percent of Hispanic respondents strongly oppose legalization, in contrast to the 21 percent of white respondents who hold the same view. Support for legalization breaks down significantly along racial lines. Discussion of race might be useful, therefore, in finding policy solutions to marijuana regulation.

          • August 23, 2019 at 12:05 pm
            flawedlogic says:
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            Craig, that study you posted about the link to schizophrenia was proven wrong before. Just because it was a few months ago, does not mean it is now valid.

            Get your logic in check man. Correlation does not equal causation. There is more going on than just the physical plant. The brain is way more complex than you are making it out to be, that is why it takes a minimum of 12 years of extra experience to become a neurologist.

            If the older generation would stop putting stigmas on mental health issues, maybe the US could that tackle?

            No one is saying that it cannot cause those episodes, It happens with people who have something else going on with their brain such as predispositions and other mental health issues. Are you saying those who smoke cannabis then become depressed, or is it the other way around? If you think it is the first, you are only showing your flawed logic.

            Your links are just to help your confirmation bias, but that does not mean the study valid.

            Stay full of yourself Craig!

          • August 23, 2019 at 12:11 pm
            flawedlogic says:
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            Didn’t see anything in there about hurting the minority communities, just how different millennial groups support legalization.

            It also said in that review that those who are unsure (29%) would still more likely vote in favor of legalization.

            What did that prove? Or were you hoping to prove you post real studies from time to time? Your flaws are showing…

          • August 23, 2019 at 12:24 pm
            flawedlogic says:
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            Re-posted from right above

            Craig: What about suicide, unborn children, and minorities
            People: Craig you are overgeneralizing, mental health is important, fetal alcohol syndrome so let’s have similar things set up in place, and there is no proof about the minority part
            Craig: Yes there is, my friend told me
            Others:…. again that means very little
            *Craig get’s fake insulted as no one insulted him, but rather pointed out his lies”
            Craig: You just smoke too much pot
            .
            Ohhh classic Craig, cannot reasonably debate, rather uses insults to try to reduce the other sides validity. You are how old using these flawed tactics?

          • August 23, 2019 at 12:24 pm
            Rosenblatt says:
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            “Insults instead of insight…”

            Funny. There was no insults in flawdlogic’s reply, yet you started off your reply to him with one. Pot meet kettle.

          • August 23, 2019 at 1:00 pm
            Craig Cornell says:
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            Why do I even reply to Rosenblatt, Mr. “Traffic Crashes aren’t worse in States that Legalized”. From flawed logic’s respectful post:

            Craig: Yes there is, my friend told me
            Others:…. again that means very little
            Craig: You just smoke too much pot
            Others: No, I am just for personal liberties similar to alcohol as it has less harmful effects on people
            Craig: nu-oh my friend told me it is worse, and I have a personal experience highlighting it is worse
            Others: Okay… just keep being someone who does not understand science and stats

          • August 23, 2019 at 1:31 pm
            Rosenblatt says:
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            Craig – I apologized to you when you claimed I put words in your mouth, and now I respectfully request the same kind of courtesy

            I never once argued traffic accidents did not increase in legal pot states. Unless you can cite me saying that and support it with a link to the comment where I made that claim, please stop putting words in my mouth. I now expect you to deflect, make a straw man argument, insult me … anything except show me the same respect I showed you when you claimed I put words in your mouth.

            Please prove me wrong.

          • August 23, 2019 at 5:34 pm
            Jon says:
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            Wait, is even Craig criticizing Craig here? What is happening?

          • August 24, 2019 at 2:16 pm
            Craig Cornell says:
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            Doo Doo Head!

          • August 27, 2019 at 8:12 pm
            Captain Planet says:
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            Key words, Craig, ” in certain people.” Those pre-disposed to those mental conditions, no?

            Shifting is not only something you do in a car, is it Craig?

          • August 27, 2019 at 9:09 pm
            Captain Planet says:
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            AUGUST 27, 2019 AT 6:01 PM
            Andrew G. Simpson says:
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            Craig, Jon, Bob, etc.
            This forum is not the place for your off-topic and personal bickering, diatribes, labeling and character attacks that have been increasing in number and difficult to keep up with. Please take those elsewhere.

          • August 27, 2019 at 9:18 pm
            Jon says:
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            Saying “The fact that some people don’t become schizophrenic when consuming THC” is misleading, Your own quote said some people MAY experience, that’s a LOT different than what you stated. You’re once again spreading misinformation.

            What, you got all the other message boards closed so you decided to come back to lying on this one? You’re killing the board, Craig.

  • August 21, 2019 at 12:12 pm
    Craig Cornell says:
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    You put words in my mouth that I never said. But of course you would. That’s how “understanding” the Left is.

    And your argument on behalf of others, that other things cause the same or worse damage, is one of the dumbest pro-pot arguments, so you probably shouldn’t be putting those words in the mouths of others either.

    Your argument that “people should have the right” is one that no one disputes. I never have disputed that, so again, you avoid the crux of other people’s ideas. Not a flattering look for you, but again, what did I expect? Thinking and honesty? No.

    What I have said over and over and over is this: society has legalized a new intoxicant whose dangers are misunderstood by the vast majority of Americans, unlike alcohol or tobacco or other legal substances that can cause harm. And your posts and those of the other Pro Pot fans repeatedly confirm that, the outright denial of the dangers in the face of links to credible science. And the past few years have seen science turn downright negative on THC.

    When 20% of pregnant American women consume THC products, endangering their unborn child and when 20% of high school kids report consuming THC in the past 30 days despite the mountain of evidence they are risking loss of IQ, addiction, mental illness and failure in school or job . . . then society has failed.

    And who is failing? People who deny the truth. People who lie. People who are ignorant of the dangers. If you or other adults want to consume THC and you know the dangers, have at it. Legalize it. If you become one of the 10% of so who end up causing harm to family and career and you knew that was a risk, well, too bad for you.

    But pretending people know the dangers? Kids? Pregnant women? Minorities? Pathetic.

    • August 21, 2019 at 12:20 pm
      Rosenblatt says:
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      I apologize for putting words in your mouth which you do not believe to be true; however, the point of my post still remains true — “We get it. Nobody is going to change the minds of the other group. Can we please just stick to discussing how insurance may be effected by this emerging market?”

      • August 21, 2019 at 12:40 pm
        Craig Cornell says:
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        Ah, yes. Ignoring the damage to kids, unborn children and minorities and holding steady with your position by pretending only adults consume.

        A very good look indeed.

        • August 21, 2019 at 1:03 pm
          helpingout says:
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          Craig,

          I don’t know if anyone has disputed that sometimes people illegally obtain a substance when they are not of legal age to purchase. If someone does dispute that, then they are just wrong. Kids also buy alcohol illegally, and other worse illicit drugs.

          The issue again is that no one should limit it because of this, rather instead strengthen laws around it similar to alcohol so those selling to minors, or minors using that are caught can be punished under the law.

          The unborn statistics you have tried to push are not true, and I have shown you multiple times that youth rates have decreased slightly. Again, there is fetal alcohol syndrome, and we have known that for a while, yet some adults still choose to partake when they shouldn’t.

          You are not really hitting any points we haven’t heard from you before, you are not showing any proof, and you are unwilling to change due to personal experiences. Let’s get over all of that, and focus on the insurance portion as this is a professional site.

        • August 21, 2019 at 1:37 pm
          Jon says:
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          Lol Craig aren’t you sick of being proven wrong yet? We can go down this road again, happy to refute all your information even if you’re trying to run a new angle. The dangers to kids, pregnant women and minorities (really? as if you care) are much higher with alcohol and tobacco, as previously mentioned by Rosenblatt. You just like to shout your angry opinion, no one cares bud.

        • August 21, 2019 at 1:40 pm
          Rosenblatt says:
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          Thank you, helpingout. I’m not ignoring anyone’s points on this topic, it’s just that we’ve already had all of those discussions ad nauseum.

          What I was trying to do with my post is acknowledge the same people (myself included) have posted the same arguments and responses over and over until we’ve all gotten carpal tunnel syndrome.

          It’s time to move on from repeating the same thing on every marijuana article. Anyone who comes here already knows what all of us believe. Let’s start focusing on why most (if not all) of us are here to begin with … insurance.

        • August 21, 2019 at 1:43 pm
          Craig Cornell says:
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          Please show me the links to reputable sources that refute the statistics I posted about use of THC by pregnant women and kids.

          What fricking difference does it make if “youth rates have decreased slightly” if 20% of kids STILL report using in the last 30 days. That’s millions of kids.

          And no one can deny that young people think pot is safer than young people did 10 years ago, while the science is growing that it is just the opposite.

          Geez, all I am asking is that we tell the truth and spread it wide about the dangers. If you can truly link to reputable sources that say it is all BS, have at it.

          But listen to yourselves. (Not you Jon, everyone knows you aren’t to be taken seriously.)

        • August 21, 2019 at 2:14 pm
          Jon says:
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          Lol I like your claims to accept reputable links, but everyone here knows that no matter what evidence is found you’re not going to believe it, Craig. Hey, 26 out of 27 of the last mass murderers were fatherless, right? But turns out they’re not, your argument kept going. That’s all you do is rage about things you don’t like and spread misinformation as fact. You don’t like that I shut you down? Tough. I’m better at this game than you :)

      • August 21, 2019 at 1:03 pm
        PolarBeaRepeal says:
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        I, for one, am NOT trying to change the minds of people entrenched in a position due to their history of pot use/ dealing convictions, thus impaired future employment opportunities.

        I discuss the issue of adverse health effects as if it were tobacco or alcohol used in excess of safe quantities. THAT will affect Health and Auto accident insurance lines in the immediate and long-term future. In addition, recent studies proving the adverse impacts on long-term users, are worthy of discussion on an INSURANCE board that hosts so many articles on marIJuana that it seems to be advocating for legalization so as to create new demand of insurance. Insurance should be provided for activities that BENEFIT society, not impair it’s members’ well-being.

        • August 21, 2019 at 1:40 pm
          Jon says:
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          It’s a new industry that the insurance world is struggling to understand, underwrite and rate appropriately. It makes perfect sense that it would be a subject, since it’s essentially a gold mine right now for forward thinking brokers.

          Your political bias can affect your ability to make money, that’s fine no one said you needed to write the business. It’s the fact that you and specifically Craig feel the need to angrily rant about their baseless opinions, taking these articles as their own personal soapbox. You don’t have to like it, but no one cares if you think marijuana addicts and liberals are ruining the planet, and that’s kind of Craig’s primary argument.

        • August 21, 2019 at 1:41 pm
          Captain Planet says:
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          Insurance is provided as a means to transfer risk. Doesn’t matter if the risk benefits society or not. West Texas and Ammonium Nitrate ring a bell?

    • August 21, 2019 at 1:00 pm
      Captain Planet says:
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      Pretending? Literally everyone I have ever talked to about MJ knows there are dangers. Not a single person of any age thinks any intoxicant is without harmful effects. Do you know people who live under a rock?

      • August 21, 2019 at 1:05 pm
        PolarBeaRepeal says:
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        “Not a single person of any age thinks any intoxicant is without harmful effects.”

        Wrong.

        • August 21, 2019 at 1:42 pm
          Jon says:
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          Man, you conservative dinosaurs love refuting things with no actual data to back things up. If someone doesn’t realize an intoxicant you smoke has ANY potential dangerous side effects then maybe the parents should be blamed for not giving their child common sense.

          Also, just posting “Wrong” is pointless, idiotic and lazy. Can you at least try if you’re going to waste your time posting? Frigging conservatives.

      • August 21, 2019 at 1:53 pm
        Craig Cornell says:
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        Says the guy who still denies that pot is physically addictive.

        You talk to a lot of 15 year olds now, do you? Millions of them? And they all know the dangers, do they?

        • August 21, 2019 at 2:16 pm
          Jon says:
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          If a 15 year old doesn’t know the dangers of pot that’s a failure of the parents, which I’m sure you’re familiar with. Why should voting american adults suffer because you can’t talk to your kid about something? This is the stance your side took with gay marriage, if we allow it our children will find out about it! You republicans don’t want to talk to your children and deal with issues internally seems to be the bigger issue, you want someone to take all the bad temptations away because you can’t actually parent. Maybe adopt a pet instead? I don’t know, that’s not the way the world works bud.

        • August 21, 2019 at 2:39 pm
          Captain Planet says:
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          Yes, no, yes.

          I used to be a teacher and I never had any student who wasn’t aware of the harmful consequences of any intoxicant, especially drugs and specifically MJ. They may overlook it, think they are invincible, but they were aware. I find it hilarious you think you are some sort of a pioneer when it comes to MJ.

      • August 21, 2019 at 2:15 pm
        rob says:
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        Man, I’m definitely getting old. I was on the floor at an Iron Maiden (who STILL rock, by the way) concert last month and there were a few people smoking the devil’s lettuce around me and it actually bothered me. Plus, I put ear plugs in because I wanted to protect what’s left of my hearing. I guess it’s like Homer Simpson once said, “I used to Rock and Roll all night and party every day. Then it was every other day. Now I’m lucky if I can find half an hour a week in which to get funky.”

        sighhhhhhhh…

  • August 21, 2019 at 1:55 pm
    sak74 says:
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    Does the federal government receive tax money from the cannabis industry? I would assume they make sure they get their cut. Wouldn’t that make them guilty as it would a bank doing business with the industry? It is a bit ridiculous that given the fact so many states are legalizing the industry they cannot come up with a solution to allow banks to work with the industry as well. The funds are legally obtained within the state as the sales are legal as long as there is nothing illegal going on with the transactions or other banking practices it would just make sense to allow banks to handle the businesses money.

    • August 21, 2019 at 2:16 pm
      Rosenblatt says:
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      That’s tricky …. dispensary owners do still have to pay taxes under tax code 280E. This code requires citizens pay taxes even when the income is derived from illegal activities (say cultivating and selling marijuana, or Al Capone not filing his illegal income on his tax returns). But I think most people who are making money from this business are hesitant to admit on a federal form that they’re engaging in illegal (by the Federal Government’s stance) activities. And therein lies the crux of this article — the need to free up financial services for cannabis businesses.

      “You don’t want to have this cash economy that invites money laundering and cheating and all sorts of stealing,” said Senator Merkley, whose state reaped more than $120 million in tax revenue from recreational marijuana over the last two years. “There’s no downside to providing banking services to the cannabis industry. It’s crazy to have this unbanked economy.”

      • August 21, 2019 at 2:49 pm
        sak74 says:
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        It just seem pretty backwards that on the federal level they tell you no this is illegal and at the same time hold out their hands and say show me the money……..While I personally have issues with legalization (mainly due to the fact there is no way to be able to test when someone is under the influence now or if they used two days ago, like they can with alcohol and DUI’s) more and more states are allowing and I think the federal level needs to get this figured out. If the state is going to allow the businesses to legally operate there should be no reason why other legal businesses should be penalized (or worry about being penalized) from doing business with them (like banking and insurance).

        • August 21, 2019 at 3:47 pm
          Rosenblatt says:
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          100% agree that there needs to be a change in federal banking laws to allow folks who are legally (per state laws) making money to put their money into the bank and report it for tax purposes, hence the “SAFE Banking” discussed in this article.

          Then there’s the whole other issue of what is tax deductible from your cannabis business, which I won’t get into since that’s another conversation entirely (https://www.forbes.com/sites/theyec/2018/07/24/what-cannabis-entrepreneurs-should-know-about-tax-section-280e/#630413ff7377)

          As for your “it’s backwards for the Fed to take money from illegal activities” comment … yes, it sure is … but that’s always been how the law works and that’s one way they got Capone (evading paying taxes on his illegal income). Who’s REALLY surprised the gov’t wants a piece of the money pie no matter how it’s earned though?

  • August 21, 2019 at 4:00 pm
    JB says:
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    From what I’ve heard banks could have accounts with cannabis businesses. It involves A LOT of paper work and none of the big banks want to deal with that. I know of at least 1 in my state that does do business with cannabis places.
    And yes the federal government is just plain greedy. They won’t let these businesses write off any expenses because they are “illegal” yet they want their payroll tax and income tax. Imagine paying taxes on your gross instead of net.

  • August 21, 2019 at 4:59 pm
    Joe B says:
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    Bring back the $1,000 bill & put Harriet Tubman on it. Leave Hamilton on it.



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