• News
  • Culture
  • Education
Monday, May 29, 2023
  • Login
  • Register
TNMNews.com
Advertisement
  • News
    • US News
    • Politics
    • Legalization
    • World News
    • Invest in Weed
    • Industry Press Releases
    • Crypto | Blockchain
  • Culture
    • Cultivation
    • Weed Celebrities
    • Music
    • Education
    • Activism
    • Recipes
      • Appetizers
      • Main Dishes
      • Desserts
      • Quick Recipes
      • Beverages
    • WTF
  • SCIENCE | TECH
    • Cannabis Science
    • Cannabis Technology
    • Crypto | Blockchain
    • Health
  • TNMN TV
    • TNMN Culture | Interviews
    • High At 9 News
    • The Boys Are Back In Town
    • Weed Entertainment | Cali Strains
    • BLOC Chain
  • Reviews
    • Weed Entertainment | Cali Strains
    • Strains
    • Products
  • Business Directory
No Result
View All Result
TNMNews.com
  • News
    • US News
    • Politics
    • Legalization
    • World News
    • Invest in Weed
    • Industry Press Releases
    • Crypto | Blockchain
  • Culture
    • Cultivation
    • Weed Celebrities
    • Music
    • Education
    • Activism
    • Recipes
      • Appetizers
      • Main Dishes
      • Desserts
      • Quick Recipes
      • Beverages
    • WTF
  • SCIENCE | TECH
    • Cannabis Science
    • Cannabis Technology
    • Crypto | Blockchain
    • Health
  • TNMN TV
    • TNMN Culture | Interviews
    • High At 9 News
    • The Boys Are Back In Town
    • Weed Entertainment | Cali Strains
    • BLOC Chain
  • Reviews
    • Weed Entertainment | Cali Strains
    • Strains
    • Products
  • Business Directory
No Result
View All Result
TNMNews.com
No Result
View All Result

Marijuana Banking Problems Worse Now in California and Florida

TNMN Staff by TNMN Staff
Mar 25, 2022
in News, U.S.
418 4
0
Marijuana Banking Problems Worse Now in California and Florida, marijuana news, SB 930
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

The marijuana banking issues plaguing the cannabis industry are reaching some pretty wild levels. If you didn’t know, state legal cannabis companies struggle keeping their bank accounts or merchant services due to the illegal status of cannabis federally. The banking industry is so very nervous about what the feds will do to them if they allow companies that touches the marijuana plant to open accounts that California has now squashed Senate Bill 930. The bill was California’s plan to create a private state regulated banking system for cannabis companies. And, Wells Fargo in Florida closed out the campaign account of a candidate running for the agricultural commissioner position after they asked if she was going to except funds from state legal medical marijuana businesses.

marijuana banking, senate bill 930, California marijuana, Florida marijuana, weed newsYou have to shake your head in bewilderment over just how nutty this is getting. The state legal cannabis industry is approaching $10 billion currently with expectations it could grow to over $47 billion by 2027. That would put the cannabis industry up there with the soda and snack industry. Can you imagine the entire snack industry working exclusively in a cash market? Imagine never using your credit card or debit card to buy a bag of Cheetos or a Coke. Imagine what criminals would do if they knew that every convenience store out there had to accept cash only to buy snacks. Do you think the rate of robberies and violent crime would go up?

California’s marijuana market is expected to grow to over $6 billion all by itself. People love weed in California. They have been able to access it for the last two decades through non-profit collectives, but that has all gone away with the implementation of a state regulated market through the passage of Prop. 64. California also became the 5th largest economy in the world recently. Add all of this up, the federal government feels threatened by California. Currently, the polices of California and the U.S. federal government do not match up. California creating its own centralized banking system is a true threat to the United States economy. If the California private banking system was able to lay a true foundation, more and more companies and residents of California may start utilizing it which would pull a huge chunk of change from federal coffers.

Nikki Fried, Florida Agricultural Commissioner, trending marijuana news, marijuana legalization
Nikki Fried

California’s decision to be rid of the idea of a private banking system is over concerns the federal government would be able to easily raid these institutions and confiscate the assets they held. Whether the feds would raid the banks because they were housing funds from cannabis companies or simply because it might threaten the entire U.S. banking system is up to you to decide. In Florida, Nikki Fried is campaigning to become the agricultural commissioner and opened a campaign account with Wells Fargo. After a little research Wells Fargo inquired whether Ms. Fried would be accepting donations from the medical marijuana industry in Florida. She used to lobby for the medical marijuana space and sure enough her plans are to accept campaign donations from medical cannabis.

There are politicians all over the country now accepting donations from state legal cannabis companies. Wells Fargo is currently trying to fix its reputations after their $185 million fine for the fake accounts scandal. They told Fried that the closure of her account was due to their “responsibility to oversee and manage banking risks.” If other banks around the country were to follow suit, it would create absolute chaos in the upcoming elections. With tax code 280E still in place, the federal government may stand to gain much more financially from marijuana prohibition than if it did become a legal regulated market nationwide. The question to ask here is; when will marijuana be legal everywhere?

https://www.youtube.com/watch?v=4HK_hC_6WGs

Follow Us On

NOW OPEN - METAVERSE DIGITAL DISPENSARY - SMUGGLEVERSE.COM NOW OPEN - METAVERSE DIGITAL DISPENSARY - SMUGGLEVERSE.COM NOW OPEN - METAVERSE DIGITAL DISPENSARY - SMUGGLEVERSE.COM

Browse by Category

  • Activism
  • Appetizers
  • Beverages
  • Business
  • Canada
  • Cannabis Companies
  • Cannabis Reviews
  • Cannabis Stock Companies
  • Celebrities
  • Comedy
  • Crypto | Blockchain
  • Cultivation
  • Culture
  • Dating
  • Desserts
  • Education
  • Entertainment
  • Events
  • Featured
  • Featured
  • Finance
  • Funky Stuff
  • Guides | Tips
  • Health
  • Hemp
  • Hybrids
  • Indicas
  • Investing
  • Legalization
  • Lifestyle
  • Main Dishes
  • Movies
  • Music
  • NBA
  • News
  • NFL
  • NHL
  • Opinion
  • Patient Stories
  • Politics
  • Press Releases
  • Product Reviews
  • Products
  • Quick Recipes
  • Recipes
  • Sativas
  • Science
  • Sports
  • Technology
  • The Dee Spot
  • The Dee Spot Recipes
  • The Latest
  • Travel
  • TV
  • U.S.
  • Video News
  • Weed4Warriors
  • World News
Facebook Twitter Instagram LinkedIn Youtube

TNM News has pioneered the nation’s first and only unbiased marijuana news network that provides news, interviews and education on all things cannabis and crypto.

Quick Links

  • News
  • Culture
  • Education
  • Cultivation
  • Reviews
  • Business Directory
  • About TNMNews.com
  • Advertise With TNM News
  • Contact TNMNews

Connect with TNMNews

https://www.smuggleverse.com https://www.smuggleverse.com https://www.smuggleverse.com

Sign up for the TNMNews Newsletter!

   

© 2023 TNM News - The National Marijuana News. All rights reserved.

No Result
View All Result
  • News
    • US News
    • Politics
    • Legalization
    • World News
    • Invest in Weed
    • Industry Press Releases
    • Crypto | Blockchain
  • Culture
    • Cultivation
    • Weed Celebrities
    • Music
    • Education
    • Activism
    • Recipes
      • Appetizers
      • Main Dishes
      • Desserts
      • Quick Recipes
      • Beverages
    • WTF
  • SCIENCE | TECH
    • Cannabis Science
    • Cannabis Technology
    • Crypto | Blockchain
    • Health
  • TNMN TV
    • TNMN Culture | Interviews
    • High At 9 News
    • The Boys Are Back In Town
    • Weed Entertainment | Cali Strains
    • BLOC Chain
  • Reviews
    • Weed Entertainment | Cali Strains
    • Strains
    • Products
  • Business Directory

© 2023 TNM News - The National Marijuana News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In