Cannabusiness

Oregon Bank Accepts Cannabis Business, Then Rescinds Offer, Source: http://cannabiscapitalsummit.org/wp-content/uploads/2014/02/Banking.gifAbout a week ago, MBank, an Oregon community bank, openly invited Colorado cannabis industry customers to use its services.

Well, that experiment was short lived. MBank rescinded its offer as fast as it went out, citing that the small bank lacked the capacity to handle the sheer amount of interested customers. Jef Baker, CEO at MBank, released the following statement, “following national press, the volume of inquiries in Oregon, Washington and Colorado has been so overwhelming that we don’t currently have the infrastructure to adequately support all these customers. Colorado is the farthest from our market area and the most difficult to provide the quality customer service to.”

Other, more cynical folks (me included), point the finger at the FDIC, which has historically disallowed banks from dealing with cannabis. Since cannabis is still illegal on a federal level, any bank that chooses to work with cannabis customers has been subject to violating money laundering laws.

MBank made a brash move and widely publicized their intention to work within the cannabis market, without first seeking FDIC approval. There is some speculation that, had MBank been more respectful of the FDIC and sought their permission, this issue might not have come up.

One anonymous insider in the banking industry said, “the regulators have the gun and all the bullets. Any of us who have survived (the financial crisis) knows exactly how this works. If we’re not team players, our life becomes miserable.”

*sigh*

I sometimes get the feeling that the feds know that cannabis legalization is steamrolling its way forward and they are just being petty speed bumps while they still can. Here is yet another request to please reschedule cannabis to a more realistic designation. So many of these nonsensical issues would evaporate.

1 comments
CannaClatch
CannaClatch

This story goes far far deeper than just the FDIC and it's umbrella extortion of the community banking industry which is proxy to the cannabis industry.You have to go all the way back in to history when industry and banking were wrestling with the growing "free minorities" and "agricultural migrants" that were coming north with their customs and threatening the white protestant majority in the American south.Musicians and carpetbaggers and bracero workers all used cannabis freely and it was widely used as a form of currency and medium for barter.Xenophobic and racist attitudes were widely accepted as the norm by the white protestant majority.Marihuana seemed like a great avenue to extort a vulnerable demographic, but also alienate a known medicine and industrial challenge to -----

C O T T O N.

Fast forward to 2015, we have the govt with a patent, the private banking system controlling the govt, and the pharma industry lobbying a way to "reschedule" cannabis so that they can make patients and customers out of the global population from something that can be cultivated easily with little resource. 

The longer we go with a scheduling, and states going forward on their own, the bigger the problem we have with govt + corp nepotism. 

One thing that the top echelons of the private banking cartels know is that a society that has adopted cannabis freely and to it's full extent, has very little need for the shackles of usury and fiat based central banking.  Hash actually makes a fine currency.  When Americans wake up to this fact, we will add an amendment to the constitution worded much like the 2nd, but directed at the right to bear plants.

Until then, we'll watch the FDIC act like Mafia racket bookies "fixing the spread" and "taking care of business" and "making life horrible" for anyone that "doesn't tow the line".

Potcoin and Playcoin could be a catalyst to people seeing alternate currencies as being the route towards liberation from the cartels.