The cannabis industry is in an interesting place. On one hand, the mainstream media (and most people in general) are starting to see the benefits of cannabis and are seeing it as a low risk, high reward investment. On the other hand, many states are still holding out on recognizing marijuana as a legal commodity, and lawmakers have taken a hard line stance against it.
In Colorado, a weed store owner has paid the price for trying to legally follow the state’s legal cannabis regulations. On Wednesday, a Denver judge ordered a weed store owner to pay $250,000 for enabling his employees to help people buy pot without paying taxes on it. This is the first time a state has slapped a business owner with a criminal penalty for not complying with state law regulating the sale of marijuana for recreational and medicinal purposes.
If you own a legal cannabis business in the United States, you already know what a headache the financial side of the business is. Most cannabis businesses are not bankable like other legal businesses and do not enjoy the same protections. They are forced to keep large piles of cash instead of safely depositing their income in a financial institution. This not only poses a security problem, but also complicates relations with the IRS. When it comes to paying taxes, cannabis may be illegal at the federal level, but that doesn’t stop the IRS from showing up at your door with an open hand.
Tax mafia and federal harassment of credit unions working with cannabis customers
It reminds me of the old mafia tactic of showing up at your door and demanding money from you on the spot for what you owe. The only difference, however, is that the Mafia was usually in debt and did favors in return. In the case of cannabis and the federal government, they think cannabis should remain illegal at the federal level, but they demand taxes from businesses they consider illegal? Like many others, I don’t think the federal government deserves a dime as long as cannabis use remains illegal. The tax mafia can show up at cannabis businesses’ doorsteps and demand that they pay their taxes in full in cash, but cannabis businesses can’t take their money to the bank. Some companies have established relationships with banks in specific locations. Michigan is a perfect example of the cannabis industry relying on deception caused by our uninformed, personal agenda-driven federal government. According to recent media reports, Live Life Federal Credit Union in Fraser, Michigan, has been ordered by federal regulators to stop banking with cannabis companies. This took the form of a court order. Live Life Federal Credit Union was one of the first in the state of Michigan to partner with the cannabis industry. LivingLife Federal Credit Union will not get away with this. Instead of burying her head in the sand, as the federal government demands, Carla Haglund, CEO of Live Life, is ready to stand up to it: I can’t afford to stick my head in the sand: I will win the war, not this battle. Someone has to go through this. I think it is. Financial institutions working with cannabis companies often face excessive workloads, as was the case with LivingLife Federal Credit Union. In order to comply with the paperwork, Alive was forced to delay the admission of cannabis businesses. Other institutions, like the Colorado Credit Union partner, understand this charge. Not all politicians are evil, draconian demons driven by private agendas. 
U.S. representative for the 7th congressional district. of Colorado’s congressional district, Ed Perlmutter, told the media; This sector is considered essential in many states, but it has to keep running at all costs, with all the health risks this entails for companies and their employees. As we begin to rebuild the economy, the access of cannabis businesses to the banking system will also mean an influx of money into the economy and the opportunity to create good paying jobs. Thank you to the representatives. Velasquez, Stivers and Davidson for their continued support for and input on the bill, and I look forward to working with Senators Merkley and Daines to pass and sign the SAFE Banking Act in the Senate.
Bank Security Act – let’s try again
The Safe Banking Act had some success in the past when passed by the House of Representatives, but was ultimately stopped by the Republican-controlled Senate under the previous administration. It is an absolute disgrace that cannabis businesses are taxed so heavily, subjected to such strict regulations, deemed necessary, and yet denied the same rights and freedoms as other legal businesses such as alcohol or tobacco. Freedoms and rights, such as banking with financial institutions, applying for credits and loans, the right to pay taxes like everyone else and not be faced with compulsory levies. The sympathies for cannabis legalization of most Senate members in the previous administration were the same outdated sympathies that have torn this country apart for decades. It is time to remove these people from power and replace them with representatives who have the future of the people and our country in mind. Not the old scum who ignored the will of the people for so long and directed government money to their own personal agendas. America deserves better. A new era of politicians steps forward and tells the federals they are wrong. Senate Majority Leader Chuck Schumer has made it clear that cannabis legalization will be a priority no matter what President Biden has in mind. These politicians are sending a powerful message that we will not go quietly into the night. We have had enough and we will no longer tolerate your treatment of this country and its people. Thanks to these politicians. Pay particular attention to the opponents of the Safe Banking Act. When they show their faces, let us think of them and vote for them. At a time when support for cannabis is at an all-time high and trust in old, draconian politicians is at an all-time low, it is time to make positive changes in our country and renew the tree of patriotism with new representatives who will lead our country to unity instead of permanently dividing it. The Safe Banking Act is a good way to know who to vote for and who not to. Let’s hope for the sake of the American people that this bill passes. The federal government has played the prohibition card for far too long. 
Ashley Priest is a patient, mother, entrepreneur and activist fighting for the abolition of drug prohibition around the world, for a better future for all. Ashley is passionate about sharing knowledge about the divine plant that is cannabis. She believes that one seed can make all the difference and that together, through education, we can end the stigma that prevents cannabis from reaching its full potential worldwide.
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