Missouri doesn't want marijuana businesses paying taxes in cashPosted by On


The state of Missouri doesn’t want the medical marijuana industry paying its taxes in cash. That’s a big deal because most marijuana businesses must deal in cash.Recreational and medical marijuana is a cash business because pot is still against federal law, and banks cannot deal with illegal businesses.”It’s illegal money. It’s money laundering. There are issues involving with the FDIC,” attorney Rob Sullivan said.Sullivan is applying for two medical marijuana dispensaries in the metro. The state health department’s proposal does not want anybody in the Missouri medical marijuana business paying taxes, fees and any penalties with cash, adding that other conventional ways to pay are fine.Sullivan understands. Millions in marijuana cash would be a problem for the state.”Having to count up the cash, and having the security for that, even if they have the facilities and security to count that cash,” he said.Sullivan said he believes the ban on medical marijuana cash is a hurdle other Missouri businesses do not have to face.”That’s the unfair aspect of it. And not every cannabis business, frankly, makes as much as everybody thinks,” he said.The National Cannabis Industry Trade Association said the federal banking ban is outdated and setting the system up for failure.Congress has passed a bill that would lift that marijuana banking ban. It is now in the Senate.

The state of Missouri doesn’t want the medical marijuana industry paying its taxes in cash. That’s a big deal because most marijuana businesses must deal in cash.

Recreational and medical marijuana is a cash business because pot is still against federal law, and banks cannot deal with illegal businesses.

“It’s illegal money. It’s money laundering. There are issues involving with the FDIC,” attorney Rob Sullivan said.

Sullivan is applying for two medical marijuana dispensaries in the metro. The state health department’s proposal does not want anybody in the Missouri medical marijuana business paying taxes, fees and any penalties with cash, adding that other conventional ways to pay are fine.

Sullivan understands. Millions in marijuana cash would be a problem for the state.

“Having to count up the cash, and having the security for that, even if they have the facilities and security to count that cash,” he said.

Sullivan said he believes the ban on medical marijuana cash is a hurdle other Missouri businesses do not have to face.

“That’s the unfair aspect of it. And not every cannabis business, frankly, makes as much as everybody thinks,” he said.

The National Cannabis Industry Trade Association said the federal banking ban is outdated and setting the system up for failure.

Congress has passed a bill that would lift that marijuana banking ban. It is now in the Senate.

Original Author Link click here to read complete story..

News

businessescashdoesn039tmarijuanaMissouripayingTaxes

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.