Several years ago, Admin advised upon the launch of TBP 2.0, “It is my intention to piss off everyone here.” I thought, “Hey, I can do that, too.” I have had many successes, and my fan base has shrunk to, well, me. Here’s my latest effort.
Way back on May 13, 2013, a liberal website, ThinkProgress.com, published an article on the dire financial hurdles that the owners of legalized pot businesses, both medical and recreational, faced. The main points noted were …..
—- Can’t open a bank account. Comment: this is still largely true, although a few state chartered banks will open accounts for pot-related businesses, at a nominal charge of $500-$5,000 per account per month. Heh. Therefore, pot businesses remain overwhelmingly cash only. Employees are mostly paid in cash or money orders.
—- Can’t take out a loan. This is STILL completely true.
—- Can’t open a credit card account. VISA, MasterCard, American Express and all other issuers of credit cards won’t touch pot businesses with a 10-foot pole. In fact, pot businesses are placed on a “merchant watch list,” and anyone related to the pot industry can’t even get a credit card for a totally unrelated purpose. Further, those intrepid investors in the pot industry are now thinking twice lest their credit suffers damage.
—- Can’t take ANY tax deductions on their federal tax return. Not one penny. Those meanies at the IRS aren’t budging, mainly because they are legally barred from doing so.
Well, as many of you who visit TBP already know, the pro-pot crowd NEVER gives up. So earlier this year, the latest effort was to form a pot bank in Colorado, the Fourth Corner Credit Union, which would cater to pot businesses and get them entry to the financial market and clear out the above obstacles. So far, the Fourth Corner has yet to open a single account because the Kansas City branch of the Federal Reserve said, in essence, “Your can’t take deposits and issue credit.” Hmmmm. What to do? What to do?
Well, let’s sue!!!! The lawyer for Fourth Corner found a VERY liberal and sympathetic federal judge, R. Brooke Jackson, an Obama appointee, to preside over the lawsuit hearing, and he stupidly argued that national marijuana legalization is inevitable, which is a decision for Congress and the President. Judge Jackson, who has openly supported in court solving the banking and financial barriers facing the pot industry, replied to the lawyer, “If I were in the Congress, I’d vote for (legalization of marijuana), but I’ve got to do the job of a federal judge here.” Even a liberal federal judge knows the limits of his power. Stay tuned.
Happy New Year from SSS to our former and current TBP potheads and marijuana legalization advocates. You’re going to lose. Decriminalization versus legalization!!!! Happy New Year to all.