Cannabis To Become A Very Big, Very Real, Business…Very Soon
On Monday evening, the House of Representatives made history. The U.S. federal government voted to give U.S. pot producers access to the banking system. Imagine running a business in which you can’t even have a bank account?
Even though multiple states have cleared the way for pot producers to sell recreational cannabis, it’s not the easiest thing to do when, you can’t even have a bank account!
I have first hand knowledge of these challenges not because I’m an enthusiast but because I was the first major network reporter to cover the industry in depth. From a business perspective, and hey, what a business is was…and IS.
I met people who had important jobs in their small town communities — one was a local retired police chief, another ran the local newspaper…and they were all in the “gardening” business because, well, why wouldn’t you be? The money made off of illegal marijuana was far greater than anything else the community could offer.
Read Trish’s Book on the Growing Underground Marijuana Industry and its extraordinary profitability by getting it here:
By the time I moved to my second documentary, Colorado business owners were growing in Warehouses. And while they were experimenting with more space, the ease of indoor growing and more exotic strains — they still had the same basic problem as the folks in California: no access to banks. Literally. One pot dispensary owner explained to me how she needed to seal the cash she was given up tight, place it in a special bag, and then in a separate, refrigerated room…all in an effort to make sure the money didn’t smell! Literally – it couldn’t smell like pot. Because if it did? The bank would reject her.
I met dozens of dispensary owners that were really stuggling with restrictive banking laws. Interstate commerce laws prevent the banks form doing business with any operation transaction in a schedule I drug… and marijuana is still a schedule I drug.
So, it’s a pretty big deal that this bill was passed. It did however pass before in the house in 2019, only to die in the Senate.
This time, the bill may stand a better shot this time around but still investors should remain cautious. This is politics after all.
Nonetheless, as I’ve said from 2008, cannabis is a real business opportunity. I even wrote that one day — very soon — it would be legal and it seems that day is quite nearly here.