http://slog.thestranger.com/slog/archives/2012/12/10/how-will-local-cannabis-businesses-manage-their-banking Comments On: How Will Local Cannabis Businesses Manage Their Banking? by Brendan Kiley en-us Copyright 2013 The Stranger. All rights reserved. This RSS file is offered to individuals, The Stranger readers, and non-commercial organizations only. Any commercial websites wishing to use this RSS file, please contact The Stranger. webmaster@thestranger.com (The Stranger Webmaster) Sun, 19 May 2013 00:00:01 -0700 Sun, 19 May 2013 14:15:00 -0700 Foundation http://blogs.law.harvard.edu/tech/rss Posted by Mister G]]> Tue, 11 Dec 2012 13:11:43 -0800 The Stranger
It's easy to grow marijuana. At least 90% of the price is the result of its illegal status. According to this Rand Corp. report, it would cost $2.85 an ounce (about $46 a pound) to grow pot in California's central valley with a THC content of 15%. More than $5 a pound as #24 wrote, yet still very cheap.

If the feds interfere with I-502, as I'm sure they will, the next step could be outright legalization. Simply remove any state penalties for possession, sale, cultivation, or transfer of marijuana, its seeds, or plants. The feds don't have enough manpower to enforce keep every home grower from growing.

If that were to happen, the cost of growing good pot (quality being mainly a function of genetics, not the bullshit that your "dispensary" shyster likes to sell you on) would fall to a rate that, in the backyard, would round down to zero.

There was never any good reason to set up the State of Washington as operator and enforcer of a marijuana cartel. For all kinds of reasons, that structure is doomed from the get-go. If you want marijuana to be legal, then legalize it for crying out loud.
Posted by Mister G]]> Tue, 11 Dec 2012 13:09:58 -0800 The Stranger Posted by Mister G]]> Tue, 11 Dec 2012 12:58:00 -0800 The Stranger Posted by Gerald Fnord]]> Tue, 11 Dec 2012 11:42:14 -0800 The Stranger Posted by mayor]]> Mon, 10 Dec 2012 23:20:02 -0800 The Stranger Posted by AIM High]]> Mon, 10 Dec 2012 20:49:03 -0800 The Stranger
Did you hear that guy?
You got to listen to him.
You'll learn something.

http://www.anyclip.com/movies/scarface/t…
Posted by Supreme Ruler Of The Universe]]> Mon, 10 Dec 2012 20:03:34 -0800 The Stranger
I don't know the answer to that one. I'm just wondering.
Posted by Will in Seattle]]> Mon, 10 Dec 2012 17:42:35 -0800 The Stranger Posted by six shooter]]> Mon, 10 Dec 2012 17:36:25 -0800 The Stranger a pound.

Mind you, I'm not in favor of that. What I am in favor of, however, is the state making most of the money from the trade. The retail price, including the state's cut, should be set at whatever level will drive the criminal cartels out of business, but no lower. I'd actually like to see about 90% of the price being state revenue. (The state's cut of lottery sales is even higher, and there's no dearth of vendors willing to sell those.)

Posted by Brooklyn Reader]]> Mon, 10 Dec 2012 17:10:05 -0800 The Stranger
(I like TV too. AND long walks on the beach.)
Posted by six shooter]]> Mon, 10 Dec 2012 17:06:49 -0800 The Stranger Posted by Sir Vic]]> Mon, 10 Dec 2012 16:50:52 -0800 The Stranger Posted by internet_jen]]> Mon, 10 Dec 2012 16:25:55 -0800 The Stranger Posted by giffy]]> Mon, 10 Dec 2012 16:13:58 -0800 The Stranger
thank god, you got the word right.
Posted by mynameishumptypronouncedwithanumpty]]> Mon, 10 Dec 2012 16:12:04 -0800 The Stranger
If you place the machine in a bar, you shouldn't have to check IDs before your sale.
Posted by six shooter]]> Mon, 10 Dec 2012 16:08:35 -0800 The Stranger not to pay taxes.

And, by the way... if I buy weed for my illness, I shouldn't pay sales tax because it's medicine. If I buy weed for my recreation, I should. Can the medical people create some kind of OTS weed so I can buy it without a prescription but save myself 9%? (oh, and deduct it from my Federal Income tax as a legitimate health-care expense?!)
Posted by six shooter]]> Mon, 10 Dec 2012 16:06:26 -0800 The Stranger Weeds already solved this problem. Buy a ton of muffins and coffee from Costco and open up a "Fakery." You have a legitmate business* and can readily explain why you're depositing $50K a week.

*My understanding is that the new MJ stores can't operate as coffee houses, so just lease the space next door.
Posted by Original Andrew]]> Mon, 10 Dec 2012 15:59:57 -0800 The Stranger
1. pay your taxes.

2. follow the state law.

3. remember most small firms are really DBA (doing business as), and tend to have different "names". This is common business practice.

What @14 said. But there technically is a difference between a state chartered bank and a federal chartered bank. I've owned shares in both.
Posted by Will in Seattle]]> Mon, 10 Dec 2012 15:55:45 -0800 The Stranger Posted by pheeeew!crack!boom!]]> Mon, 10 Dec 2012 15:28:23 -0800 The Stranger
I'm sure there are banks that solely have branches within a given state, but all banks are federally regulated, which makes sense given that financial transactions are national and global in scope.
Posted by keshmeshi]]> Mon, 10 Dec 2012 15:28:17 -0800 The Stranger
...I expect (50/50) that the feds will place 'anti-legal-pot' stipulations for future federal funding of various projects, like highways, bridges, tunnels, policing, poverty...

Watch for it.


Posted by NotSean]]> Mon, 10 Dec 2012 15:26:39 -0800 The Stranger
Planet Money is awesome.
Posted by six shooter]]> Mon, 10 Dec 2012 15:17:40 -0800 The Stranger 1 may have done--without listening to the linked story.

/facepalm
Posted by thename]]> Mon, 10 Dec 2012 15:16:49 -0800 The Stranger 1: Wasn't this covered a while back? Any FDIC-insured bank or credit union (see this little gem from NPR involving, definitely a WA only institution saying "NOPE!") is still scared of federal regulations being a problem if they handle or loan money that's based on the pot.

But who knows? Maybe your "you have to accept my money!" argument will carry the day.
Posted by thename]]> Mon, 10 Dec 2012 15:14:41 -0800 The Stranger