This article is from January of this year. Since Feb. 14, the Obama administration has allowed banks to take Marijuana money:
Makes a change from when they were laundering money for Mexican drug cartels. "For at least half a decade, [HSBC] helped to wash hundreds of millions of dollars for drug mobs, including Mexico's Sinaloa drug cartel, suspected in tens of thousands of murders just in the past 10 years... The bank also moved money for organizations linked to Al Qaeda and Hezbollah, and for Russian gangsters; helped countries like Iran, the Sudan and North Korea evade sanctions; and, in between helping murderers and terrorists and rogue states, aided countless common tax cheats in hiding their cash." http://www.rollingstone.com/politics/news/gangster-bankers-t... But I guess legal medical marijuana dispensaries are too hot to touch.
I think I don't understand something. Why not be the one bank in Seattle that does accept "marijuana money"? Talk about profit, and you get to be on the right side of history. There's also international, although I'm sure it's more trouble than it's worth at the moment.
They're banks. They've crunched the numbers. Their profits are maximized.
Their profits are maximized.
Except by definition they aren't at the moment, because government regulations are impeding the market. I guess no one wants to be the bank that takes 'seizure of deposits related to marijuana' to the Supreme Court. Give it a couple years.