Pot Bank Debate

California Pot Bank Debate is Reaching Boiling Point

As the debate rages on about the feasibility of establishing a state-run bank to handle the huge amount of cash flow from California’s legalized cannabis industry, growers, distributors and retailers are being left out to dry. Because pot is still regarded as illegal by the Federal Government, industry players have nowhere to bank their money and face the daily threat of being robbed, or even worse. There have been verified reports of pot dealers running around with duffel bags stuffed with cash as they go about their business, which includes paying their taxes. The media has reported about a LA pot dispensary that deposits its cash by hiding behind a limited liability company that allegedly operates as a management firm. Another report tells about a cannabis company loading cash into an armored vehicle which is then delivered to a Federal Reserve Bank in downtown Los Angeles. The cash is then …

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