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Topic - Don Childears
For marijuana dispensaries around the country, the days of doing business in cash - driving around with bill-stuffed envelopes to pay the rent, or showing up at a state revenue office with $20,000 in paper bags for the tax man - can't end soon enough.
Banker, beware: Association says banks at risk for prosecution under Obama administration guidance on marijuana
The Obama administration on Friday gave banks a road map for conducting transactions with legal marijuana sellers so these new businesses can stash away savings, make payroll and pay taxes like any other enterprise. It's not clear banks will get on board.
Attorney General Eric H. Holder Jr.'s promise to issue rules making it easier for banks to do business with legal marijuana sellers is being viewed in Colorado with cautious optimism, with an emphasis on the caution.
A week after Colorado's ballyhooed retail marijuana launch, the line at Evergreen Apothecary is still out the door. That comes as both good and bad news for co-owner Tim Cullen. His business may be booming, but his banking situation remains sketchy.
"After a series of red lights, we expected this guidance to be a yellow one," said Don Childears, president and CEO of the Colorado Bankers Association.
"After a series of red lights, we expected this guidance to be a yellow one," Childears said.