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Massachusetts pot shops locked out of banking services
– News covered by Quincy Quarry News with commentary added.
How to deal with the bag of cash for this bag?
Image via grasscity.com
Pot shops in Massachusetts left to scramble as federal authorities crack down on banks serving their banking needs.
While the sale of both medicinal and recreational marijuana has been legalizing in Massachusetts, the feds still view marijuana as an illegal drugs and thus view banks serving pot dealers as breaking applicable banking laws.
Licensed pot shop have previously relied on creative (ab)uses of ATM machines set up in their shops as well as cash which leaves not trails,
Now, however, ATM providers are taking a powder and so leaving pot shop to operate on a strictly cash basis.
ATM machines out of service
Image via Rockland Township
In turn, not only does having to only rely cash pose all manner of security risks, paying in cash opens the doors for even more problems as paying suppliers. landlords, and employees in cash poses all manner of related and other banking law problems.
Granted, legislation to allow pot shops to use banks like a regular business has been talked up by the Biden Administration and others, however, the likelihood of passage of any such legislation anytime soon is open to question.
Give all your money and a bag of Berkshire Green
Image via Wallpaper Flair
In the meanwhile, cash-rich pot shop operators are thus now likely to be prime targets for robberies.
Source: Pot shops switch to cash
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Mr. Affsa will need sharp money launderers to help him make that drug cash usable.
Right on Clown! Laundering money is way more complicated than washing hair.
Tommy loves white money launderers.
Do you think they are washing and clipping hair in there? Pottsie is no Edward Scissor Hands.