Washington Wants You to Stop Paying Cannabis Taxes in Cash. Good Luck With That.
The Washington State Liquor and Cannabis Board announced several proposed rules on Thursday, and one of them caught us by surprise.
The proposal raised eyebrows for a number of reasons, most notably because of banking restrictions for marijuana businesses. Many banks are unwilling to work with cannabis businesses, so companies in the industry are often forced to deal almost exclusively in cash. Large quantities of cash.In a notice sent to stakeholders this afternoon, the LCB requested public input on a budget proviso requiring electronic payment for marijuana excise tax payments.
Leafly reached out to LCB spokesman Mikhail Carpenter for clarification on the new electronic pay requirement and what it could mean for Washington cannabis businesses.
“We’re not demanding that people use electronic payment,” Carpenter said. “We’re asking that they pay using a method other than cash. We’re trying to reduce the amount of cash that comes into the building.”
“Honestly,...
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