Colorado’s hashish trade has been pressured to deal primarily in money for years as a result of banking restrictions that pot advocates and banking lobbyists say put outlets, growers and others susceptible to theft. The trade is now cautiously optimistic this yr that, with Democrats in energy in Washington, its eight years of attempting to elevate these restrictions on banks and credit score unions will repay.
As a result of marijuana stays a bootleg drug below federal legislation — and banking the proceeds of illicit drug gross sales is a federal crime — credit score unions and banks are restricted of their potential to work with hashish firms, and take dangers when doing so. Because of this, the massive and rising marijuana trade nonetheless stays cash-only, seven years after legalization in Colorado.
“We’ve received people who find themselves nonetheless dealing in money; we’ve received staff nonetheless being paid in money. It’s simply completely irresponsible,” mentioned Chuck Smith, CEO of the hashish firm BellRock Manufacturers and board president at Colorado Leads, a coalition of hashish firms within the state.