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Home 🌿 Marijuana Business News 🌿 Banking for the Cannabis Industry: Not the problem you are told it is 🌿Banking for the Cannabis Industry: Not the problem you are told it is
“Mr. Dillinger, why do you rob banks?” Dillinger’s answer was simple: “I rob banks because… that is where the money is.”
When I was a kid in New York, many many years ago, banks used to run commercials offering toasters and other appliances if you opened a bank account with them. I remember Mr. Coffee himself, Joe DiMaggio trying to pitch coffee machines if you opened up an account with the Bowery Savings Bank. Perhaps today Tommy Chong could offer pipes or bongs to do the same.
Recently, Judge Jackson in The Fourth Corner Credit Union case stated that “the manufacture and distribution of marijuana violates the Controlled Substances Act, and that the Department of Justice is committed to enforcement of that Act.”
So in essence, once again the Federal Controlled Substance Act’s classification of cannabis as a Schedule I Substance prevents federal protections for cannabis industry participants such as...
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