moneyOne of the biggest hurdles that companies generating revenue in the marijuana industry have to face is finding a financial institution willing to accept them as customers. The Liquor Control Board in the state of Washington was in the same situation until the Bank of America agreed to permit them to deposit anticipated marijuana related profits in their vaults.

Most banks are leery of dealing with marijuana businesses simply for the fact that under federal policy, the government views money from marijuana transactions as money laundering.

cash_smallBank of America declares it is willing to accommodate new marijuana related businesses, according to Jim McIntire, Treasurer for the state of Washington. “I mean, in fact, we’re already taking some tax revenues, I believe, for medical marijuana. So it’s not a real issue in terms of their perception.”

The Liquor Control Board will begin taking in revenue this fall via applications for different types of marijuana licenses and will need a place to deposit those funds. McIntire pronounced that his office has conducted numerous discussions with Bank of America and that “Bank of America is fine with that,” and he goes on to say that “they assure us that’s not a problem for them.”

About The Author

Blogger/Product Reviews
Google+

As an infant, Erik was accidently abandoned by his parents at Hempfest after they overindulged on the local offerings. Unfortunately for him, a band of stoner Gypsies informally adopted him and raised him as one of their own until he one day realized his clothes were abnormally different than everyone around him. Which was weird, considering he came to this conclusion while attending another Hempfest in hopes of finding his birth parents. After the shocking realization that he was indeed not a professional hobo with weird, gastly, outlandish clothing, he fled his Gypsy family and took refuge in the hills of the Emerald Triangle. It was in those very hills where Erik discovered his true purpose in life: cultivating marijuana! He spent years living in the hills of the Triangle mastering the craft of popping great crops of delicious sticky icky before deciding to come down from the mountain and rejoin civilization. Once Erik reacclimated himself to society, he acquired a laptop, setup his home garden, purchased a bong and began blogging marijuana-related news stories in hopes of spreading the truth about the plant and its medicinal properties. Erik is so pro-marijuana that if cut, he bleeds weed. Wanna hit? Then load up that bong and toke along!

4 Responses

  1. MeeMan

    A Bank agreeing to take money… from profit earned legally… and it being from sales of Federally illegal substances too… must be connected to HSBC in some way. They laundered Billions in drug-money and were fined less than a week’s earnings. Win-win for HSBC, now a win-win for BoA.

    Isn’t it nice when a Bank wants to take your money and earn interest on it for themselves while debasing the value of the money while they hold onto it? That’s very nice of them. GTFO!

    The only good bank is a river bank, when you’re trying to get out of the water.

Leave a Reply