To hear it from the lobbyists of the marijuana industry, you’d believe that the industry is a cash only operation that operates in the sunlight, according to state laws, and simply wants access to banks.
Here is what they don’t want you and lawmakers in Congress to know: many marijuana dispensaries are already accepting cards as payment.
Take a look:
Here’s the reality: the marijuana industry is willing to do and say anything in order to sway lawmakers to remove barriers to its rapid expansion into the next Big Tobacco. Granting banking access to the industry will allow massive investment into the production of highly potent marijuana products that will be marketed to young people, could potentially allow money laundering by criminal gangs and foreign cartels running the marijuana black markets, and even benefit organized crime.
Speaking of Big Tobacco, the titans of addiction are chomping at the bit to get involved with marijuana. Altria, parent company of Phillip Morris recently invested billions into a Canadian marijuana company. Big Alcohol conglomerates are doing the same. Even the former head of Purdue Pharma, the company responsible for Oxycontin, headed up a marijuana company. These institutional investors are ready to dive head first into this space. Don’t believe us? Listen to what former Speaker of the House and de facto Big Tobacco lobbyist John Boehner has to say: