California proposes armored cars to transport pot tax money
Colorado tried in 2015 to set up a credit union to serve the marijuana industry but was blocked by the Federal Reserv
The Associated Press (US)
Tuesday, November 7, 2017
Tuesday, November 7, 2017
California should use armored cars to transport hundreds of millions of dollars in cash tax payments expected next year with the state's legal marijuana market, the state treasurer said. The state on Jan. 1 will enter a new era with cannabis when recreational sales become legal and join the long-standing medical industry in what will become the largest U.S. legal pot economy. But the new market estimated to grow to $7 billion annually has a troubling flaw: Marijuana remains illegal under federal law, so most banks won't do business with pot growers, manufacturers or retailers. That means marijuana companies typically operate only in cash, including their tax payments that will be 15 percent of sales to the state of California.
