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Medical Marijuana Business Up in Smoke

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  • Description

    FBN's Adam Shapiro explains why banks are turning medical marijuana businesses down.

  • Duration 2:29
  • Date

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This transcript is automatically generated

The medical marijuana.

Mess legal businesses are bringing in money but they can't find banks that will let them stash their cash Adam -- in Boulder, Colorado and -- -- wire thanks.

Turning these businesses down.

Well because the federal government has had an about face on its policy of -- medical marijuana take a look we're in a dispensary in Boulder, Colorado.

Where medical marijuana is legal and the federal government two years ago back in 2000 nights -- do not prosecute people.

Who are operating legally under state law by just issued by the Department of Justice this summer.

Was refinement to the memo which -- and this is a quote.

This daily distribution of marijuana continues to be a federal bench regardless of state law I want you to -- The woman who operates as medical marijuana -- legal under Colorado State law but illegal according to the federal government.

Joseph -- -- joins me now in jail what are the real world applications and implications rather.

-- change in federal policy.

Well after that memo position that there is a direct result I'm in the banking industry where banks stop doing business -- -- and so it's made it extremely difficult to operate when we campaign banking institutions.

Now this is a legitimate business in Colorado we H at minimum raised seven million dollars just on the licensing of the businesses employ 3000 people.

125000.

Licensed customers.

And the federal government is saying.

Weekend prosecution they haven't yet but essentially they're sending a chilling message to the banks is in potentially trying to kill your industry.

There may be a result but there are other agencies that are supportive -- I think there's mixed messages across the board.

At a state -- and federal level and within you know our own positions itself that's most frustrating.

-- So trying to pay that people that we do and play and sales taxes in the fact that we.

Right checks every month the state and the local government paying our sales taxes and the banks have no problem cashing those checks that's probably the most frustrating her her.

And say you can't go on the bank coming execute him.

Have five and three years.

Jim Palmer thank you very much for joining us somebody fell back to you -- but this is an issue that's gonna be taken up by congress.

Gerald -- is the congressman here from the Denver area.

Actually trying to get the law changed so that -- and other content endorses their home and operate legitimately vote within state and at the federal.

Adam should pair boulder Colorado's Adam thank you very much well we asked all of the.

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