Coming right on the heels of assitang AG Jame’s Cole letter claiming the feds would not interfere in states legal marijuana. It now appears that the feds have ordered armored car companies to not handle cash for legal marijuana businesses in these states.
This is on top of previously ordering banks not to allow legal medical marijuana businesses to have bank accounts, ordering credit card companies to deny them credit or the ability to accept credit in their businesses, and the IRS insisting that normal business expenses are not tax deductible because the business in federally illegal (but of course, in so doing, demanding an even greater cut of the profits they concider illicit).
Harborside- one, if not the largest medical cannabis dispensaries in the nation, does $30 million in sales a year. 15% or which- roughly $4.5 million dollars, goes to the two cities in CA where they operate, as well as the state, in taxes. Thats $4.5 million they have no choice but to pay in cash. And which now, they have no safe way to have transported.
And the problems will only get worse in Colorado and Washington which have both legalized marijuana for “recreational” as well as medicinal use.
Cheap shots. Harassment. That will accomplish nothing good and serve to put people at risk due to large sums of cash having to be moved and stored. But hey- maybe that IS the Feds intention- to force the creation of oppurtunities for violence and crime surrounding cannabis so they can point to the crime they helped create as why it is abad idea.
Article at Bloomberg here.