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Big dilemma: Banks won't take money that smells like marijuana

Category: News | Posted on Sat, April, 6th 2013 by THCFinder
SEATTLE -- Imagine setting up a multi-billion dollar legal business without using a bank? That's what our state is facing as it wrestles with legalizing a marijuana industry.
 
It's a serious dilemma that puts our state on conflict with federal law. The problem? Money that smells like pot won't fly in the banking industry.
 
Cash has an interesting quality -- it absorbs smells. So if it's kept anywhere near marijuana, you'll have problems taking it to the bank. 
 
"I guarantee you that you are going to talk to the bank manager and that's not a comfortable situation to be in," said John Davis.
 
Davis knows that first hand. He's had his business checking, and credit card accounts shut down once the banks found out he runs a West Seattle medical marijuana access point. Banks don't anything to do with pot.
 
"Everything I do here has to be cash, which makes it more attractive to theft which is why my store is built like a bank on steroids," Davis said.
 

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Nevada Assembly considers ending marijuana ban

Category: News | Posted on Sat, April, 6th 2013 by THCFinder
State lawmakers heard passionate arguments Friday over a measure that ends the prohibition on recreational marijuana use in Nevada and funnels the tax revenues toward the underfunded state education system.
 
Assemblyman Joseph Hogan, D-Las Vegas, presented Assembly Bill 402 to members of the Assembly Judiciary Committee with just a week to go before the deadline for bills to clear their first committees.
 
Hogan said the bill is not about smoking marijuana, but rather is “about coming to terms with reality and showing some courage.”
 
“The prohibition against marijuana has essentially failed,” Hogan told committee members. “It has created a black market that hangs like a cancer alongside our unfunded education system.”
 
The bill would place a 25 percent excise tax on each grower, manufacturer and purchaser of marijuana. Those proceeds would go toward early childhood education and literacy programs in K through 12th grade, Assemblyman Andrew Martin, D-Las Vegas, and the other primary sponsor of the bill, said.
 
Read more: http://www.rgj.com

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DEA Marijuana Report Details Federal Government's Opposition

Category: News | Posted on Fri, April, 5th 2013 by THCFinder
The majority of Americans support marijuana legalization, a new Pew poll released on Thursday found.
 
This is the first time that pot legalization has gained a nationwide majority.
 
Despite the poll's findings, the DEA is still taking a hardline stand against marijuana. A January 2011 report detailed the administration's opposition to the illegal substance.
 
"Specifically, smoked marijuana has not withstood the rigors of science–it is not medicine, and it is not safe."
 
President Obama has suggested that his administration will not go after state laws legalizing recreational marijuana use. When asked if feds would come down on laws passed in Washington and Colorado last year, Obama said, "we've got bigger fish to fry."
 

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3.9 Tons Of Marijuana Confiscated By Texas Highway Patrol

Category: News | Posted on Fri, April, 5th 2013 by THCFinder
 
In a bust that could easily be the plot of the next “Super Troopers” movie, the Texas Highway Patrol seized 3.9 tons of marijuana during a routine traffic stop on Thursday.
 
A Texas Highway Patrol trooper stopped a passing gas tanker for a routine visual inspection, only to discover that the vehicle was actually carrying a massive payload of marijuana, Yahoo! News reports. According to reports, the tanker was covertly transporting an incredible 3.9 tons of the illicit drug. Authorities have yet to reveal how the trooper managed to make the discovery.
 
According to a news release by the Texas Department of Public Safety, the seized marijuana shipment is believed to have a street value of around $3.4 million. After the search, the driver of the tanker was arrested and charged with possession. The driver is still in police custody, with his bond set at $1 million. His name has yet to be released.
 

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Hawaii Marijuana Decriminalization Bill Dies Without House Vote

Category: News | Posted on Thu, April, 4th 2013 by THCFinder
HONOLULU, HI — Lawmakers in the Hawaii House have killed a bill for this year that would have reduced minor marijuana possession offenses to a non-criminal, fine-only offense. The bill, which had previously passed unanimously in the Senate, was put on hold after House leaders realized there would not be enough votes  to push the bill through.
 
Instead of sending the bill to the floor of the House for a vote, House leaders decided to “recommit” the bill back to the House Judiciary Committee, allowing the bill to return for possible discussion in 2014.  The Hawaii legislature operates on a two-year biennial legislative session.
 
Rep. Karl Rhoads, chairman of the House Judiciary Committee, said there just weren’t enough votes in the House to push the bill through this year.  Because of Hawaii’s  biennial Legislature, the House could consider bill again next year without the Senate having to pass it again.
 
But because the bill has been amended by the House, the Senate would need to vote on those changes if the bill were to pass a House vote in 2014.
 
In it’s current form,  SB 472 SD1 HD1, would have reduced the penalties of marijuana possession of 20 grams or less for anyone over 18 to a $100 fine.  The bill has seen several revisions since its introduction.
 

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Rhode Island is making it happen!

Category: News | Posted on Wed, April, 3rd 2013 by THCFinder


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