US drug control agency will move to reclassify marijuana • Hacker News Board

Re: US drug control agency will move to reclassify marijuana

#431

Post by kstrauser » Tue, Apr 30, 2024, 10:04 PM UTC

AnthonyMouse wrote: post #414

kstrauser wrote: post #241

Earlier quoted context omitted.

Mainly because your employees, suppliers, and landlord have no desire to be paid in Bitcoin.

What does that matter? You can convert Bitcoin into cash. But then you can do that in an undisclosed location at your leisure instead of keeping a mountain of cash in your publicly advertised storefront location and becoming a huge robbery target. Also, it doesn't seem like it would be that hard to find someone to accept it as payment, since they can convert it to cash too. And the sort of landlords/suppliers/employe…

All of the legit Bitcoin-to-cash orgs will report that to the IRS, and then you're back to square one: what do you do with that wad of cash? Orgs that don't report to the IRS probably aren't giving you a good exchange rate, and you're still left holding the bag afterward.

If you're going through all that hassle, it's much easier just to be a cash-only business in the first place.

Re: US drug control agency will move to reclassify marijuana

#432

Post by m463 » Tue, Apr 30, 2024, 10:10 PM UTC

mannyv wrote: post #56

One major effect of this is that weed stores will be able to use banks and payment processors legally once the regulators catch up.

I wonder if this means more tracking of drug purchases.

Does alcohol consumption show up on credit card bills and filter back to insurance companies?

Re: US drug control agency will move to reclassify marijuana

#433

Post by squigz » Tue, Apr 30, 2024, 10:12 PM UTC

wallaBBB wrote: post #370

jcims wrote: post #236

Earlier quoted context omitted.

Every fan of physics is recommended to look up bollard test videos.

And one of the best Twitter accounts: https://twitter.com/WorldBollard

I just browsed this far longer than I'd care to admit.

Re: US drug control agency will move to reclassify marijuana

#434

Post by OkayPhysicist » Tue, Apr 30, 2024, 10:13 PM UTC

krapp wrote: post #251

a_wild_dandan wrote: post #246

Earlier quoted context omitted.

Do all of them. To me, government exists to mediate interactions between parties. Not to get involved in personal choices. If someone wants to rip fat lines of coke, good for them. Not my business.

Do you think people who rip fat lines of coke will never interact with society in any way that affects you? Of course government gets involved in personal choices. Every crime committed by a person is a personal choice. Interactions between parties are interactions between people. The distinction you're trying to draw here doesn't exist.

Legitimate crimes have a perpetrator and a victim. That's two parties in conflict. Drug possession only has 1 party, the person possessing or doing the drugs, and drug sales have two parties who aren't in conflict.

Re: US drug control agency will move to reclassify marijuana

#435

Post by markdown » Tue, Apr 30, 2024, 10:15 PM UTC

mannyv wrote: post #56

One major effect of this is that weed stores will be able to use banks and payment processors legally once the regulators catch up.

Don't be so sure. Kava is regulated by the FDA as a food, but many banks and payment processors refuse to work with businesses that sell it.

Re: US drug control agency will move to reclassify marijuana

#436

Post by gwbas1c » Tue, Apr 30, 2024, 10:15 PM UTC

joecool1029 wrote: post #211

andrewxdiamond wrote: post #6

Weed being illegal on a federal level has had some interesting effects. Because of these laws, all legal weed has to be grown, processed, and retailed within a single state. So much industry and local employment has been created by the legal barriers in place. It’s probably still a net positive to release the federal restriction, but I hope all these small/mid sized businesses don’t get gulped up by big tobacco or ot…

> I hope all these small/mid sized businesses don’t get gulped up by big tobacco or other mega corps Calling it: CVS and Walgreens will move into the medical market for this. You think these little shops will be able to process health insurance payments when that sector gets in on it? lol

I could see them carrying CBD in pill / gelcap form. (It pretty much snuffs out my migraines.)

I don't think they'll carry intoxicating forms of marijuana, though. (I've never seen a CVS with alcohol, but that could be because of how my state handles liquor licenses.)

Re: US drug control agency will move to reclassify marijuana

#437

Post by adventured » Tue, Apr 30, 2024, 10:23 PM UTC

gwbas1c wrote: post #436

joecool1029 wrote: post #211

Earlier quoted context omitted.

> I hope all these small/mid sized businesses don’t get gulped up by big tobacco or other mega corps Calling it: CVS and Walgreens will move into the medical market for this. You think these little shops will be able to process health insurance payments when that sector gets in on it? lol

I could see them carrying CBD in pill / gelcap form. (It pretty much snuffs out my migraines.) I don't think they'll carry intoxicating forms of marijuana, though. (I've never seen a CVS with alcohol, but that could be because of how my state handles liquor licenses.)

Walgreens sells cigarettes, cigars, basic alcohol (beer, wine, hard seltzers etc), occasionally liquor, nicotine patches & packets, and snuff. They sell OTC Narcan, and now OTC birth control. They moved into the last two items pretty much immediately upon availability.

They'll definitely look at their options for the marijuana business as they can safely do so legally.

Re: US drug control agency will move to reclassify marijuana

#438

Post by gwbas1c » Tue, Apr 30, 2024, 10:24 PM UTC

incomingpain wrote: post #45

Here in Canada, it has been rather eye opening the extent of cannabis use. There are more cannabis shops then mcdonalds. You can grow your own and most people do. There's online options. A society which criminalizes something so popular and widely used; will ultimately fail at their prohibition. The next step for society would be to attempt at changing opinion, but what are the unintended consequences? The answer is,…

> Here in Canada, it has been rather eye opening the extent of cannabis use.

When I visited Quebec in 1997, I saw a lot of people openly smoking cannabis in public. Once I smelt weed, turned around, and saw a kid, probably about 12-14, just sitting on a bench in public smoking a joint. I wasn't in a shady part of town, either.

Re: US drug control agency will move to reclassify marijuana

#439

Post by hunter2_ » Tue, Apr 30, 2024, 10:38 PM UTC

ada1981 wrote: post #328

hunter2_ wrote: post #301

Earlier quoted context omitted.

Unlimited fees reversed with Schwab checking. No monthly fee to figure out how to avoid, either.

So they just eat the fees?

Yes, even exorbitant ones like on a cruise ship or casino. Free checks, too. And mutual funds with lower fees than Vanguard. But virtually no physical branches (most locations are brokerage offices only) so not ideal for depositing cash or getting a cashier's check... use something else for that.

Re: US drug control agency will move to reclassify marijuana

#440

Post by paulddraper » Tue, Apr 30, 2024, 10:43 PM UTC

AnthonyMouse wrote: post #414

kstrauser wrote: post #241

Earlier quoted context omitted.

Mainly because your employees, suppliers, and landlord have no desire to be paid in Bitcoin.

What does that matter? You can convert Bitcoin into cash. But then you can do that in an undisclosed location at your leisure instead of keeping a mountain of cash in your publicly advertised storefront location and becoming a huge robbery target. Also, it doesn't seem like it would be that hard to find someone to accept it as payment, since they can convert it to cash too. And the sort of landlords/suppliers/employe…

And for all that convenience, each BTC transaction costs only $7 !