Marijuana banking issue looms large in the wake of Amendment 64


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Photo by Sam Levin
Diana DeGette at a recent early voting event, joined by Denver mayor Michael Hancock.
Not that James has washed her hands of the medical marijuana industry. "We're working right now with Jared Polis, Diana DeGette and Ed Perlmutter," she revealed. "All of them have signed on to the banking bill in Congress. Right now, the government and the banks are operating under a 1980s law that was designed to stop cocaine dealers from having bank accounts, and to the best of my knowledge, Scarface isn't on the Secretary of State's website. We have a business here, so it shouldn't fall under that law."

The same trio of legislators is also behind a bill that would exempt Colorado from federal law in light of Amendment 64's passage.

On top of a legislative fix at the federal level, other theories about how to solve the banking problem are being floated locally. For instance, attorney Rob Corry thinks banks run by Tribal Nations could take on such businesses under sovereignty provisions.

Meanwhile, uncertainty continues to rule. Governor John Hickenlooper stressed the urgent need for answers in regard to federal marijuana policy in Colorado during a phone conversation with Attorney General Eric Holder last week. But thus far, no announcements have been made about how much leeway, if any, the feds will allow Colorado and Washington when it comes to their individual marijuana measures. And even if the Obama administration decides to look the other way in regard to Amendment 64's retail provisions, that's no guarantee a banking loophole will be created for marijuana businesses.

Listen to the NPR report here.

More from our Marijuana archive: "Marijuana: Wanda James on closure of edibles business, MMJ banking, Obama and more."


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15 comments
melekalikimaka
melekalikimaka

I was just reading up on "how to start a credit union"......  I was wondering why these businesses don't get together and start their own Credit Union?

Juan_Leg
Juan_Leg

I am known to many across the nation , for my limited success at fantasy football . I offer help outside the heavily watched Fantasy Pro Shows , while personally exposing my 'lack of a real life' .

This season has been VERY different . For every fantasy inquiry , I receive a dozen in search of a Colorado-marijuana-connection ! It's almost as if they expect an immediate purchase ,

via 'PayPal' .

Hmmmm..... Perhaps I should direct them all Tom Martino's way . According to him , Coloradans couldn't purchase a snow shovel w/o HIS guidance & or assistance !

knowa1
knowa1 topcommenter

Please sign the White House petition to let Marc Emery complete his sentence in Canada http://wh.gov/XXp9

DonkeyHotay
DonkeyHotay topcommenter

"This is precisely the conundrum Wanda James found herself in, as she explained to us in an October post about the closure of her edibles business, Simply Pure."

 

Regulation Works !!

 

STRICT Regulation Works better!! ... according to Lyin' Brian Vicente.

 

Hey Wanda ... how's that "regulation" feeling now, baby? ... can you feel it all up in ya .... yeah baby, take that "regulation" deep and hard ... that's a good little government sycophant.

 

Büch Dich!

 

.

DonkeyHotay
DonkeyHotay topcommenter

Federal Money Laundering crimes = 20 years in Prison for EACH count !

 

 

wtfk
wtfk

"We're not criminals."

 

The federal government thinks you're a criminal, and the federal government regulates the banks.

CoreyDonahue
CoreyDonahue

If one week after Colorado ¨legalizes¨ marijuana and the federal government and the Governor has a closed door meeting to discuss the amendment and it is not made available to the public and no one is going to rase the alarm about that, then may your slave chains set lightly upon you because that is what you are. WHERE IS THE RECORDING OF THE MEETING NIXONLOOPER?http://es.scribd.com/doc/113412582/CORA-Letter-Corey-Donahue-Amendment-64-1

 

larewfamily
larewfamily

This is how you know the FED sells all the drugs!  These banks that refuse to do business with Medical dispensary's well they surely do business with the Drug Cartel. They are waiting from the ok from the Drug dealing FED they are giving up their business to the public before they step on congress's toes!

DonkeyHotay
DonkeyHotay topcommenter

 @melekalikimaka 

 

Read up on Federal Money Laundering crimes and the 20 years in prison per count penalties they carry ... and get back to us.

 

.

wtfk
wtfk

Of course, the fix for that, and pretty much everything else, is ending the Federal Reserve and allowing banks more autonomy. I'm guessing the war on drugs is a big reason why the feds LIKE to control the banks.

DonkeyHotay
DonkeyHotay topcommenter

 @CoreyDonahue  The recording is in the Dick Cheney memorial crypt ... along with his Energy Task Force meetings ...

michael.roberts
michael.roberts moderator editortopcommenter

 @wtfk Like your two-part post, wtfk. We're going to pair them up as an upcoming Comment of the Day. Thanks.

clicknhit
clicknhit

 @wtfkHate to break it to you the Federal Reserve isn't part of the Federal "Government" its just a collection/coalition of Banks acting under an organization. The government has an indirect affect on policies at best.

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