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AUTHOR:  aBIZinaBOX Inc. CPAs – Jordan S. Zoot, CPA
PUBLISHER:  CANNABIS LAW REPORT

We are busy with a cross-country relocation, but we nevertheless felt compelled to make a quick comment in response to NORML’s knee-jerk December 23, 2019, post.

 

Tell Senator Crapo that a 2% THC cap is unacceptable and that banking reform can’t wait..

 

Senator Crapo is not a grinch. Senator Crapo is one of 536 politicians, or some comparable number of members of this particular species who reside in Washington, D.C. and who spend substantially all of their time pandering for votes. With respect to the SAFE Act, Senator Crapo is just developing a foundation for his political positioning.

The devil will always be found in the details of legislation such as the SAFE Act. Who knows where legislation in the United States such as the SAFE Act will go in view of the intense partisanship in Washington, D.C.? At this time Congress is being driven more by partisan political expediency than at any time in the last fifty years. Little or no consideration is given by any of those who purportedly represent the American public for the best interests of this constituency.

How long has it been since you have heard a prominent politician in Washington, D.C. say,

 

“I, and my party, have made some errors in our approach to this issue, and there is some significant merit to the approach urged by the other party, but . . . and for that reason I am going to devote my efforts to the development of the position that does the most to accomplish those changes that are in the best interests of all of the residents of this country regardless race, religion, age, sexual orientation, status, financial resources, or political power taking into account all of the relevant considerations.”

 

We agree banking reform cannot wait. The denial of access to banking to the cannabis industry – legal or illegal – is simply stupid. It always has been stupid. How can unreported income be tracked if the United States does not insist that criminals use banks? Well-advised, well-connected, financial criminals move millions of dollars around the world making it disappear untaxed. At the same time a West Los Angeles dispensary – legal or illegal – cannot open a bank account without lying, and thereby committing the financial crime of bank fraud. The justification for denying access to banking to the cannabis industry is merely one of many falsehoods perpetrated on the America public by Washington, D.C.

 

Please do not misunderstand our position. We are not supporters of the legalization of cannabis as it has been pushed forward by many of its supporters. Marijuana is a drug similar to alcohol and tobacco. The use of marijuana should be limited to adults. The use of marijuana should be regulated. We have always supported the decriminalization of the possession and use of marijuana. We have always supported the medical use of marijuana.

 

Look at Senator Crapo’s actions for what they really mean. Senator Crapo’s actions are nothing more than his political positioning to facilitate the financial interests that control most of the wealth in the United States in order to maintain control over this industry segment and the population it represents going into 2020. Senator Crapo has no moral or ethical motivation for his actions. Senator Crapo does not care whether the cannabis industry – legal or illegal – has access to banking. Senator Crapo is solely driven by what plays best politically for his interests.