Monday, February 1, 2010

Drug money

Posted By on Mon, Feb 1, 2010 at 7:11 PM

In some ways, medical marijuana is more legitimate than ever.

The federal government has made a pledge to butt out when it comes to enforcing federal laws that still outlaw the drug, and more states are legalizing pot, and enjoying the associated tax revenues.

But not everyone is welcoming the business.

pot_money.jpg

Most banks won't open accounts for medical marijuana dispensaries, and the one biggie that would — Wells Fargo & Co. — has suspended the practice, according to the Denver Post.

Read the article here: denverpost.com/ci_14307719?source=email.

The move means dispensaries are missing a key component for running a business. It also means they may have to find other means for stowing cash, like keeping it on-site, a practice that would seem to attract more robberies. (But, hey, what the hell do we know?)

Perhaps banks should take their cue from insurance companies, which seem to be warming to pot.

Check out our article here.

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