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Marijuana Retailers Flying High

03/11/2013

marijuana-dispensaries-turning-to-cash-only-thcfinderRetailing is tough. No news there.

But a new level of tough hits retailers selling medical marijuana right in the hookah.

Colorado’s politically correct legislature rushed through the law allowing medical marijuana dispensaries (gotta love a politicians spin on the name of a head shop) to legally sell weed.

Unfortunately the legislature didn’t take the implications of this law into account as they rammed it through session.

An example of their hazed and confused approach is they forgot to define what qualifies as impaired driving and how law enforcement should test for impairment. No worries…have another brownie.

But here’s where it gets wacky. There’s little head shops, I mean dispensaries, can do with the cash generated from the sale of weed. No bank, credit union or financial services company can knowingly accept business accounts with any trace of marijuana connection. If they do, it’s a federal crime.

Little is known about where the money goes. Pot related revenue for fiscal 2011 was estimated at $186 million. Weed sales are projected to be at $300 mil this year.

Stunningly, as a result of the cash only ruling, the legislature has left the ability to tax the retail marijuana business. This is stunning only because taxing seems to be their favorite thing to do.

It may be difficult to feel sympathy for the head shop owner forced to wander around with thousands in cash in every pocket. But it’s next to impossible for anyone to sympathize with lawmakers whose actions created this situation.

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