An immigrant mother separated from her daughter remains in custody and in limbo in Henderson. [TNI]
You think PERS is nice? What about a state retirement system for private industry workers? [TNI]
With loads of money being made from legal marijuana, there is still the issue of where to keep the money as banks close down a CEO’s account. [LasVegasNow]
Click here if you want to read Judge Boulware’s order regarding Dennis Hof with findings of fact detailing the history leading up to the Court reinstating his brothel license.
The Phil Kohn report is finished, according to the RJ, and Phil got a spanking. Whoops. That is not appropriate. Phil received discipline, for which he did not ask.
So the companies are unable to keep the marijuana money in banks….where does the State of NV deposit the tax revenue from marijuana money? Will they close the accounts held by the state?
The state takes the dirty marijuana cash, then through the power of transfiguration cleans the money which is then deposited into the state's accounts.
The state isn't the problem. They'll gladly take the "dirty" MJ money. The problem is the feds, and I believe its still a federal banking crime (or violation of FDIC rules) to hold MJ deposits. I wonder if using a state chartered savings and loan would let them skirt that issue….
The four corners credit union case out of Colorado covers the issues involving marijuana and banking pretty well. Unfortunately for now, MJ is mostly a cash business.
How is it a problem for a private citizen or private business to take money earned from an MJ business and not be able to deposit that money in a bank account, but they can hand it over to the State of Nevada and it can deposit it into the bank account it has, presumably also with a federally chartered bank? I agree with @8.56 – if the State of Nevada can accept money and use it in their federally chartered banks, the State of Nevada needs to setup a system so MJ businesses can too.
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Anonymous
September 2, 2018 2:33 pm
Would Indian Reservations be a solution to the banking problem for the MJ industry? Meaning, can they build banks on a reservation that do not fall under the same federal requirements? They have gaming on Indian reservations and their own gaming control board, do they not? Just a thought.
The Phil Kohn report is finished, according to the RJ, and Phil got a spanking. Whoops. That is not appropriate. Phil received discipline, for which he did not ask.
Thank you Sisolak, may I have another?
So the companies are unable to keep the marijuana money in banks….where does the State of NV deposit the tax revenue from marijuana money? Will they close the accounts held by the state?
The state takes the dirty marijuana cash, then through the power of transfiguration cleans the money which is then deposited into the state's accounts.
I always thought "transmogrify" was a better word to describe what's going on to launder marijuana money. https://dailypost.wordpress.com/photo-challenges/transmogrify/
The state isn't the problem. They'll gladly take the "dirty" MJ money. The problem is the feds, and I believe its still a federal banking crime (or violation of FDIC rules) to hold MJ deposits. I wonder if using a state chartered savings and loan would let them skirt that issue….
@11:49 Probably not, since all the credit unions are federally insured.
Colorado thinks they have the problem solved with state chartered banks, but no federal deposit insurance.
The four corners credit union case out of Colorado covers the issues involving marijuana and banking pretty well. Unfortunately for now, MJ is mostly a cash business.
How is it a problem for a private citizen or private business to take money earned from an MJ business and not be able to deposit that money in a bank account, but they can hand it over to the State of Nevada and it can deposit it into the bank account it has, presumably also with a federally chartered bank? I agree with @8.56 – if the State of Nevada can accept money and use it in their federally chartered banks, the State of Nevada needs to setup a system so MJ businesses can too.
Would Indian Reservations be a solution to the banking problem for the MJ industry? Meaning, can they build banks on a reservation that do not fall under the same federal requirements? They have gaming on Indian reservations and their own gaming control board, do they not? Just a thought.