Sep 232013
 September 23, 2013

washington state marijuana regulations bank of americaCourtesy of The Joint Blog

In an announcement that will have deep implications for the newly-legal recreational cannabis industry in Washington State, Bank of America has agreed to be the state’s primary cannabis banker, meaning they’re willing to accept millions of dollars from recreational cannabis sales.

Currently Bank of America is Washington State’s official bank, which handles all of the state’s funds. However, the bank’s 7-year contract with the state runs out on June 30th. Washington asked for bids this month, specifically mentioning that accepting deposits of large amounts of cannabis-money will be a requirement.

According to the state’s Treasurer, Jim McIntire, the bank has told the state that they’re willing to continue banking with them, including handling deposits of funds earned from cannabis-sales. According to Wolfgang Opitz, assistant to McIntire, Bank of America has “checked this out with their compliance department and they don’t see it as any different than say, medical marijuana or any other activity,” he continues, “There could be other illegal activities going on in this state that happen to be in the tax base.”

McIntire is confident that the feds will stay out of it; “It’s actually one of the advantages of having Bank of America as your contractor. It’s unlikely, I think, that the federal government would raid them”, he continues, “And they’re big enough to look out for themselves on this.”

Source: TheJointBlog.Com

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  17 Responses to “Bank Of America OK With Being Washington’s Recreational Cannabis Banker”

  1.  

    This is in response to Ken Olson’s comment: At least you have medical marijuana available. I pay a lot more for PTSD meds that could be used on medical marijuana, which helps me more than anything the VA recommends. Stop complaining and embrace the help you legally get.

  2.  

    It’s horrible to not defend someone’s rights, that had fought for yours..Thank you Robert….

  3.  

    this is just like Miami in the 80s when all the banks got flooded with cocaine money. Everyone just looked the other way since the economy boomed from that.

  4.  

    This is sooo huge. There has to be thousands of bales of cash around this city. (Seattle/Tacoma) Especially from the dispensaries whove been in business since the beginning. I’m sure some growers are probably renting storage to store their cash. I view this as final acceptance on a federal level. Legitimacy. I’d love to see the look on the tellers faces when they start wheeling this money in! Yay!

  5.  

    Maybe we’ll see a report soon on how much cash that is? I’m sure a total will raise alot of eyebrows. Bet your boots the fed is interested in this number as well. Go, Seahawks!

  6.  

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  7.  

    So, where does a Colorado combat vet with 20 years experience growing grade A, organic weed make connections in Washington.

    •  

      With a Combet Vet in Wa running a Medical Collective :)

      •  

        Well Dr. B, all your info here seems to be private, so since this is my first time on Disqus, and I’m not sure how to navigate the site yet I’ll leave my contact info.

        Was a draftee machine-gunner, who has always lived by, “death before dishonor”.

    •  

      what do you seek Chris? I only do legal grow

      •  

        I’m to old to spend one more day in jail.

        Mostly, I crave intimate intelligent conversation with honorable folks who are not unafraid to admit they can make a misake from time to time. And who believe that a few good minds can change to world for everyone to enjoy life, liberty, and the pursuit of happiness.I care more about feeding poor kids than growing mmj, but if I must reenter growing cannabis to get the capital I need, I’m ready to go to work 18 hrs a day every day
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  8.  

    Im very passionate about cannabis and would love to have a job working with it . but its hard to see that happening. My faith never dies though!

  9.  

    What the banks don’t know won’t hurt them. I never seen the need to tell the banks that I’m doing cannabis business, and I don’t see why other do. I’ve opened for myself and a 100 others bank accounts with ATM cards and checks, never had a single problem with any bank, ever. No, I’ve never lied to the banks about what type of business it is, just didn’t tell them everything. Only answered what they asked.

  10.  

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