Alan Sylvestre / OPB
Marijuana business owners are unable to open accounts at most banks, due to the fact that pot is still illegal under federal law. This means that even in states where they can legally operate, most marijuana businesses use a cash-only system, with all the risks that entails. These businesses also face significant challenges when it comes to filing their federal taxes.
The Oregon Cannabis Association traveled to DC earlier this year to lobby Congress to get the banking and tax regulations changed to accommodate marijuana businesses. In the meantime, lawyer and Oregon Cannabis PAC founder Amy Margolis says business owners are playing "banking roulette," opening accounts under ambiguous business names and hoping for the best.
CPAs, lawyers, and others are all working to find legal ways to help marijuana businesses protect and track their money. For example, Washington-based PayQwick is hoping to help solve some of the banking issues by becoming the "PayPal of recreational pot."
GUESTS:
- Amy Margolis: Shareholder at Emerge Law Group and founder of the Oregon Cannabis PAC and the Oregon Cannabis Association
- Ken Berke: CEO of PayQwick
- Simone Cimiluca0-Radzins: Certified public accountant with New Era CPAs and founder of the Cannabis Finance Bootcamp