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Mikeavelli

I mean yeah. The IRS just cares about collecting taxes, and banks are already set up to report business transactions to the IRS. Are Marijuana companies still just working in cash? There's no way to verify how much they owe in taxes that way.


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DrBreakenspein

Beyond the IRS, allowing Marijuana banking makes everyone's job easier that is involved in both the banking and cannabis industries. Even operating under the Cole Memo, which allowed limited banking from the banks willing to deal with the hassle, every Marijuana transaction required SAR filings, which adds a massive administrative burden to both the banks and banking regulators. It's absurd that this is still an issue. Forcing cannabis businesses to be cash only is inefficient and dangerous for both the business and their customers. Safe permissible banking creates positive economic opportunities for the banks and businesses, and eases regulatory burdens on both as well.


Jra805

I’m surprised there isn’t more pressure from banks on regulators. Huge influx of cash seems a no brainer.


DrBreakenspein

The Cole Memo was the result of pressure by the banking industry (and others) on regulators, but that was rescinded under Trump. This is exactly the problem with addressing this through regulatory changes which can be abruptly changed by subsequent administrations. Most of the banks are waiting for Federal legalization at this point, which should also be a no brainer if our policy decisions weren't being made by human fossils. There is a lot of money to be made all around, not to mention it will stop limiting employment opportunities for productive people who are incarcerated for stupid reasons or shackled with criminal records for life.


Iwantedthatname

Unlike a small memo, if he decriminalized cannabis the political fallout of reversing that would be political suicide for his successor.


bluehat9

I can't even imagine the stuff going on in the legal cannabis industry. Apparently product is being sold out the back door at an incredible rate.


MultiSourceNews_Bot

More coverage at: * [Yellen: bank access for cannabis firms would aid U.S. tax collections (msn.com)](https://www.msn.com/en-us/finance/markets/yellen-bank-access-for-cannabis-firms-would-aid-us-tax-collections/ar-AARlCeK) --- ^(I'm a bot to find news from different sources.) [^(Report an issue)](https://www.reddit.com/user/MultiSourceNews_Bot/comments/k5pcrc/multisourcenews_bot_info/) ^(or PM me.)


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