New York 'Times' Explores Weed World Finances, Finds Guns and Drugs
New York 'Times' on banking in weed.
Banking is one of the legal marijuana industry's most challenging woes.
The major players and key influencers in the pot game range from Silicon Valley and Wall Street types to Humboldt County hippies and Canadian hipsters and faltering Chicago politicians, which is about par for any burgeoning financial generator.
Transactions take place almost exclusively in cash. Banks won't store that cash because the federal government doesn't know yet how to regulate it. Most of it smells like actual weed.
Cy Scott, entrepreneur behind the noted cannabis brands Leafly and now, Headset, tells The KIND:
"Banking is a problem for everyone in the space, and it's unbelievable that it's still a problem that's not fixed...Washington has taken in more than $114M in excise tax, in 2015 alone. Yet, businesses in this space struggle to keep their bank accounts."
In it's documentary Guns, Drugs and Money, the New York Times takes a look at the banking problem through the lens of America's legal weed experiment, Denver, Colorado.
Believe it or not, the paper of record locates armed security personnel.