What It's About
Today's caller is trying to find a bank that will take his money...
Notes from Chris
Episode 1659
If you do business in the cannabis industry, where do you keep your money? It’s a big problem, at least in the U.S. Other countries like Canada that have wisely taken a federal approach to legalization have fewer problems—though it’s still not easy for legally approved sellers to conduct their banking. In most U.S. states that have legalized medical and/or recreational marijuana, they have an even bigger problem and have to operate in an all-cash economy. Why is this a problem? They have very high taxes and need to take tens of thousands of dollars in large Tupperware jars or duffel bags to the state office to pay those taxes. They’re at risk of being robbed—because if you’re a robber, they make for lucrative targets? Not to mention the fact that most of us don’t want to keep all of our money in cash under our mattress. Anyway, that’s what today’s caller is wondering about. What’s to be done?"I'm getting involved in the cannabis industry, which was recently legalized in my area. The only problem is, banking still isn't legalized—or at least, the banks are hesitant to take money from anyone who works in this industry. I'm not even selling recreational marijuana myself, but even by association it seems most local banks are reluctant. This seems ridiculous, because it's legal now, and I shouldn't have to beg the bank to take my business ... but that's what it feels like is required! Do you see this changing anytime soon, and what should people like me do in the meantime?"Listen to today's episode to learn more...
SEE ALSO:
- Cannabis Cookies Make a Sweet, Soothing Side Hustle: In a growing industry, this Oregon mom achieves high returns from licensed marijuana edibles.
- Customer Service Agent Becomes CBD Affiliate: A long time software company rep spends ten years learning the affiliate marketing ropes, eventually cracking the code with a site providing reviews of CBD products.
- Weekly Recap: Food Trucks, YouTube Makeup, and Marijuana: In our twenty-first recap of Season II, we'll highlight the lessons learned in this week. Also: listener Q&A!
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