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Cannabis is legal in most US states but federal laws block businesses from banks

usatoday.com

61–70 of 247 posts

Re: Cannabis is legal in most US states but federal laws block businesses from banks

#61
In the first episode of Tulsa King (which is on a streaming service, so I haven't watched any more of it), Sylvester Stallone is a mobster who gets out of prison after a long term, and is surprised to see a marijuana dealership. He realizes that they must keep a lot of cash, because banks won't deal with them.

So he sees his opportunity and becomes their "partner."

If it's a legal business, banks should not discriminate against the dealers. They're not selling fentanyl, after all.

Re: Cannabis is legal in most US states but federal laws block businesses from banks

#62

Earlier quoted context omitted.

Difficult to see what this comment adds to the discussion. The House is divided. So unless the GOP adopts this as their issue, the next chance for change is the next election.

The Dems explicitly did not make legalization a notable part of the 2020 national campaign. They focused on making the campaign a referendum on Trump in general and COVID in particular. This was a good strategic play. My comment is that making the 2024 election a referendum on legalization (and a few other big issues like abortion) will likely be the good strategic play. You could imagine a future, though, where they…

> My comment is that making the 2024 election a referendum on legalization

My take is that most people don't see cannabis legalization as an important-enough issue. It's kind of "would be nice" issue that's overweighted by issues like economy, democracy, and immigration.

I'm not in the US, but that's my only explanation for why hasn't cannabis been legalized on the federal level yet, i.e. that people simply don't care enough about it to even be a part of the discussion.

Re: Cannabis is legal in most US states but federal laws block businesses from banks

#63

Prediction: Dems will make a move on federal legalization in the months before the 2024 presidential election, or at least make federal legalization a major election issue. A lot of right wing / libertarian adjacent people were hoping Trump would come out in favor of it as a 2020 election issue, to outflank Biden on at least one issue. It didn't happen, but I bet it would have made the election a bit closer -- it wou…

It sucks how everything is a political football instead of just doing the right thing. They had full control and could have legalized it. But no, they keep holding onto just to drag voters along every election.

It does suck, but it's what the system of democracy we currently have incentivizes.

I've kind of become a bit of a voting reform absolutist for this reason. Publicly funded elections, get rid of first-past-the-post plurality voting (and replace with approval, ranked choice, anything really), electoral college reform, Wyoming rule, etc.

If these problems were fixed, the incentives to solve the other problems are much more aligned.

Re: Cannabis is legal in most US states but federal laws block businesses from banks

#64
post #15

Earlier quoted context omitted.

How is it inaccurate? Cannabis is legal in much of the country (at the state level) and the businesses are blocked from much of the banking system because it's federally illegal. Edit: OP, if you're going to completely change the last sentence of your post after people respond, which then changes your point, at least highlight that you've made a significant change.

As of now, you can definitely get your daily supply of Cannabis if you want. There are a lot of little businesses that legally sell it. So these federal laws are not preventing you from exercising your legal right to get high in e.g. NY state. I would like to get the pulse of hn on this: What do we think if e.g. the Coca-Cola Company got in the pot business? Is the fact that these Federal constraints are keeping big…

All of those businesses that sell cannabis are in violation of the Controlled Substances Act. They are, quite plainly, operating businesses that are illegal under federal law. The reason you don't see too many DEA raids (anymore) is that the feds don't have any money to enforce it: https://en.wikipedia.org/wiki/Rohrabacher%E2%80%93Farr_amend...

Re: Cannabis is legal in most US states but federal laws block businesses from banks

#65

In the first episode of Tulsa King (which is on a streaming service, so I haven't watched any more of it), Sylvester Stallone is a mobster who gets out of prison after a long term, and is surprised to see a marijuana dealership. He realizes that they must keep a lot of cash, because banks won't deal with them. So he sees his opportunity and becomes their "partner." If it's a legal business, banks should not discrimin…

state legality and federal legality are two different parts of the equation. A store is licensed by the state, the bank is overseen by the federal jurisdiction, which has no reciprocity with the state for marijuana.

Re: Cannabis is legal in most US states but federal laws block businesses from banks

#66
post #33

Earlier quoted context omitted.

Fully aware. This discrepancy is exactly what this article is about.

Which is why I'm specifically criticizing the framing of the headline. It's celebrating a victory that hasn't happened. A better headline would be "Most of America wants cannabis to be legal, but federal law still bans it." I think that implying that it's "legal" in certain places, which has happened repeatedly over the last decade, is part of the problem. If everyone thinks cannabis is already legal, then who is goi…

It’s not misleading. It reflects the lived experience of most Americans. That it’s “technically illegal” under federal law means nothing to anyone except — as the article points out — for the industry itself.

And since when were national laws made by consumers? Federal legalization will happen when a big industry partner wants it it be legalized and not before.

Re: Cannabis is legal in most US states but federal laws block businesses from banks

#67

Earlier quoted context omitted.

It’s illegal everywhere due to federal law… states altering their laws doesn’t change that. The federal government just doesn’t enforce it in most cases. The DEA can start enforcing tomorrow if they wanted

> The DEA can enforce and arrest people tomorrow if they wanted I’m sure it would go down really really well if the DEA started arresting people for simple possession in states where it’s perfectly legal.

Regardless of your perspective on the morality of it, cannabis is still illegal nationally. Which is the point of this thread

To say its legal is simply wrong

Re: Cannabis is legal in most US states but federal laws block businesses from banks

#68

In the first episode of Tulsa King (which is on a streaming service, so I haven't watched any more of it), Sylvester Stallone is a mobster who gets out of prison after a long term, and is surprised to see a marijuana dealership. He realizes that they must keep a lot of cash, because banks won't deal with them. So he sees his opportunity and becomes their "partner." If it's a legal business, banks should not discrimin…

There are also lots of references to being "raided by the feds" which I don't understand. Is it still a federal offense even though it is legal at the state level?

Re: Cannabis is legal in most US states but federal laws block businesses from banks

#69
post #22

Prediction: Dems will make a move on federal legalization in the months before the 2024 presidential election, or at least make federal legalization a major election issue. A lot of right wing / libertarian adjacent people were hoping Trump would come out in favor of it as a 2020 election issue, to outflank Biden on at least one issue. It didn't happen, but I bet it would have made the election a bit closer -- it wou…

Cannabis banking came up on this 1.7 trillion dollar bill that just got passed. It wasn't included thanks to Republicans.

I hadn't heard about that, found more info here: https://thehill.com/policy/finance/3782514-marijuana-advocat...

>It passed the House seven times — receiving a whopping 321 votes last year — and had enough GOP support to reach 60 votes in the Senate.

>But it did not have the support of McConnell, whose opposition kept it out of the spending bill.

>McConnell first blocked the SAFE Banking Act’s inclusion in the defense bill earlier this month, arguing that it would make the U.S. financial system “more sympathetic to illegal drugs.”

Re: Cannabis is legal in most US states but federal laws block businesses from banks

#70
post #15

Earlier quoted context omitted.

How is it inaccurate? Cannabis is legal in much of the country (at the state level) and the businesses are blocked from much of the banking system because it's federally illegal. Edit: OP, if you're going to completely change the last sentence of your post after people respond, which then changes your point, at least highlight that you've made a significant change.

As of now, you can definitely get your daily supply of Cannabis if you want. There are a lot of little businesses that legally sell it. So these federal laws are not preventing you from exercising your legal right to get high in e.g. NY state. I would like to get the pulse of hn on this: What do we think if e.g. the Coca-Cola Company got in the pot business? Is the fact that these Federal constraints are keeping big…

Coca-Cola would be an odd choice, since they don’t deal in this kind of market already. I think a better question would be, “What if Philip Morris got into the pot business?”

It would be fascinating and good for consumers because they could be held accountable for regulating an industry that is badly in need of it.

That doesn’t change my opinion of Philip Morris (or parent company Altria). Evil sons of bitches through and through.

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