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Cannabis Business

There. Now the banks can provide services to legal cannabis businesses. The justifications for twisting the laws a bit include public safety because of the cash involved, and the fear of money laundering by criminal elements, two things that have been around ever since prohibition. Whatever, life is easier for legit business people now.

The real reason was that without [government controlled] banks, taxing authorities had no way to audit the businesses for compliance. Ironically, there has never been a question of businesses hauling bags of cash to the banks to deposit in the state’s tax lockbox to meet compliance regulations.

Next up is the IRS will be adjusting their interpretation of the law. While you are required to pay taxes on income, legal or not, if your means of generating that income is illegal you cannot deduct the expenses to incur that income. Sooo, the IRS cannot determine if you’re complying if you don’t account for expenses. A rational for adjusting this situation is beyond me, and I pity the people that have to come up with something that sounds reasonable. They will, and it will be entertaining.

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