Tranquility
Well-Known Member
As part of the Obama administration's fight against medical marijuana, they included state-legal dispensaries in what was then known as "Operation Choke Point". (There have been other named iterations of similar policies in that administration as well.) Choke Point basically, um, "suggested" to banks they shouldn't outta be dealin' with "those" people. By "suggested", think of governmental bank regulators telling bankers they have an awful nice bank here--it would be terrible if something happened to it. Bent-nosed thugs working for da boss could not have said it better. Banking became unavailable to disfavored businesses. (To be fair, it was not just dispensaries and the like. It included gun sellers and payday loan companies and other businesses the Obama Administration wanted to snuff out.)
One good thing of the Trump Administration recently did was end the Operation. http://www.washingtonexaminer.com/trump-ends-obamas-operation-choke-point/article/2631944
One result of the "choke" is to get California's Legislature to look at opening non-federally associated banking to take care of the dispensaries' banking problem.
https://www.shareable.net/blog/could-the-marijuana-industry-bring-public-banking-to-california
One good thing of the Trump Administration recently did was end the Operation. http://www.washingtonexaminer.com/trump-ends-obamas-operation-choke-point/article/2631944
One result of the "choke" is to get California's Legislature to look at opening non-federally associated banking to take care of the dispensaries' banking problem.
https://www.shareable.net/blog/could-the-marijuana-industry-bring-public-banking-to-california
Marijuana-related businesses in California could play a role in shaking up the U.S. banking sector. Earlier this month, California's state treasurer John Chiang called a meeting to explore the issue of banking access for businesses in the marijuana industry — and the possibility of doing it through a publicly-owned bank.
Chiang said that interest in public banking was gaining traction due to "a deep public dissatisfaction with our private banking system."
Chiang said that interest in public banking was gaining traction due to "a deep public dissatisfaction with our private banking system."