The SAFE Banking act is back and getting hearing in the Senate this week. This is a much needed piece of legislation.
It isn’t financing they need, it is the ability to deposit the cash.
This will eliminate the money laundering that the government has no ability to stop.
It is just going into buying used cars and reselling the cars THEN depositing the funds.
Yes it is a major problem, so much that tax offices have had to basically set up a way for these businesses to pay their taxes in cash. Just a huge security risk overall. I know they are able to use credit unions instead but still have major limitations.
Money is like water. If you throw an artificial blockage into the water, the water will find away over or around that blockage.
If you keep cannabis companies from depositing cash in a federally chartered bank, the cannabis companies open used car businesses and buy used cars with the cash.
There is nothing you can do to stop it. But by trying to stop it if there is more cash than there are used cars…well they have “agents” that go aggressively looking for used cars.
Business always beats government.
I don’t know that you actually have that happening with the state legal cannabis companies. I don’t think they want to risk money laundering charges taking out their business and investment. Plus you have a number of them owned by public companies so get financial statement audits regularly where that type of transaction would likely raise questions or issues in an audit under PCAOB rules.
Even in cannabis approved states, they can’t deposit the funds in federally chartered banks.
Yes. I know, sorry if I wasn’t clear on my point.
The government wants us to not use cash. As a cashless society, its easier to track all transactions. Like using Zelle or Venmo. F that. That way they can tax us even in the smallest of transactions. For example, I’m going through the end of the year school/coach gifts and all the organizers want zelle or venmo. In the future that volunteer mom might get taxed, or the teacher that got the gift might get taxed.
Norbert, that really has nothing to do with the SAFE Banking act.
Dang, you seem to know a lot about how all this works
Who are the safe “business men” in your part of the county ?
Cash will always find its highest risk adjusted rate of return. It is like gravity, it can’t be overcome.
No matter what you do to stop it, it always finds its way way around the obstacles.
Safe banking act, Affordable Care Act and Patriot act. Gotta love how these criminals come up with these names. Yes, I am including republicans.