In CO, there are only one or two banks in Pueblo that will "let" them bank. The chance of them doing anything off the books is just about nil as they are more closely watched than any other business. Every ounce is tracked from seed- except they start from cuttings not seed- to the customer and nobody dares deviate because the consequences are severe.
They've been for legitimate federal banking since the beginning without luck. That means all that cash they take in either has to be safed or taken by armored car to the one or two banks that will deal with them.
They walk in to pay their taxes and all their bills with bags full of cash.
The feds still tax them but they can't write off normal business deductions. The list goes on and on and they still are doing fine. Something like $2.3 billion in sales last year in the state.
I know an electrical contractor that did a 3 acre grow and the contract was over $3 million. Cash. Which he thought was going to be fun but in reality, it's a giant pain to process that much cash. And it smells like weed.
Quote:
Originally Posted by GH85Carrera
There is a pot shop about 3/4 of a mile from me, next door to a grocery store I frequent regularly. I was curious, so I went in. They sell CBD products to anyone over 21 no card needed. For the pot, one has to have a pot doc write a prescription and you get a card. One of my friends did that and just said he has headaches. Pay the fee, and he got his card.
It was interesting, they only accept cash. They have an ATM right in the store for customers to get cash. No checks or plastic, just cash.
They must all be targets of armed robbery, like liquor stores. One of my friends has a lot of commercial real estate. He said one problem is the stink. A pot shop will stink up a building, and it is really hard to do-stink the place to rent to the next client. He just stopped renting to pot related businesses.
Like the the many casinos we have, and the lottery, I do not participate. I have nothing against them, I just have more fun ways to spend money.
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