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Tue Feb 14, 2017, 08:31 AM

Banking regulations mean Oregon flush with marijuana cash

MEDFORD — As legalized marijuana brings more business to Oregon, some communities are seeing a large amount of cash in the economy thanks to strict regulations keeping banks away from the businesses.

Banking officials say that after years of moving away from cash, financial institutions have seen a recent influx due to the marijuana industry, the Mail Tribune reported.

Many banks will not offer lines of credit to marijuana businesses due to high federal penalties for holding pot-tainted money. As a result, the marijuana industry operates with cash. Dispensaries pay their employees, landlords and lawyers with cash that is then spent in grocery stores and other daily tasks.

People’s Bank Vice President and Operations Manager Dawn DeVita said the Southern Oregon-based institution does not work directly with marijuana businesses, but it has seen an increased volume of cash circulation.

Read more: http://registerguard.com/rg/news/local/35277983-75/banking-regulations-mean-oregon-flush-with-marijuana-cash.html.csp

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Reply Banking regulations mean Oregon flush with marijuana cash (Original post)
TexasTowelie Feb 2017 OP
safeinOhio Feb 2017 #1
classof56 Feb 2017 #2
TexasTowelie Feb 2017 #3

Response to TexasTowelie (Original post)

Tue Feb 14, 2017, 09:50 AM

1. Cash is King and

Pot is Green.

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Response to TexasTowelie (Original post)

Mon Feb 20, 2017, 02:08 PM

2. Good to hear!

I do the cash-only purchasing at my local dispensary, since the banks won't set up accounts for marijuana businesses. Nice to know my money is being used to benefit the local economy and government services. Even better is the benefit the CBD balm provides my poor aching joints.

Thanks for the post, Texas Towelie. Good one, as always!

Cheers.

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Response to classof56 (Reply #2)

Mon Feb 20, 2017, 02:28 PM

3. You're welcome.

I wish that Texas would be as progressive about its marijuana laws and I'm glad that you are getting some relief for your pain.

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