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Thursday, March 05, 2015

A state bank for medicinal marihuana cash deposits?

So because Illinois seems to want to avoid some of the issues in Colorado as highlighted on a recent edition of CBS' 60 Minutes one Illinois legislator has come up with one solution: a state bank. Perhaps something akin to the Bank of North Dakota. So is what state Rep. Mary Flowers seems to want to propose is a central bank for Illinois with the purpose of borrowing money instead of raising taxes.

Not that I don't have a full grasp of public finance, but no tax hikes is always good. However, is borrowing money a good thing? Even from a state run bank?

For the moment at least while Colorado comes to grips with their own attempts to legalize marihuana, Illinois is joining this experience. So far Illinois has approved medicinal marihuana and has yet to really issue licenses that allows for its sale and production.

There's even debates in Chicago over zoning for allowing marihuana farms. Especially one that I know of on the far south side of town with vacant industrial lands. I have no problem with that, but know full well there are many who simply don't approve of the production of marihuana.

Regardless, whether Flower's proposal succeeds in Illinois we still have an issue of where should the money from marihuana sales go. Most banks don't want to touch this money so therefore a future business dealing in this substance is forced to buy a huge safe to protect their cash profits. Yup if you want it medicinally no debit or credit accepted.

Almost like legitimate drug dealing, but supposedly legal. lol

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