When Lynette Davies, co-operator of the Canna Care medical marijuana dispensary in Sacramento, pays her California taxes she needs to haul a bag with $20,000 in cash to the state tax office.
“That’s really unsafe for me, and it’s unsafe for my employees to have this cash in the store,” said Davies, whose business is legal under state law as a result of California’s 1996 vote on the use of medical marijuana. “All because the banks that want to bank with us can’t.”
Marijuana advocates are counting on Californians to vote to legalize recreational weed this fall, bringing pressure on Congress to end anti-pot policies that include federal obstruction of banks doing business with the industry. California is nearly six times larger than any other state that has legalized pot for recreational use, and its potential cannabis market has been estimated at nearly $7 billion.
– Read the entire article at The Sacramento Bee.