Medical marijuana may be legal in many states, but federally, it is still illegal. This means that banks run the risk of being charged with money laundering or other crimes for working with what the federal government considers an illicit activity. This creates a precarious situation where billions of dollars of state-licensed marijuana profits are handled almost exclusively in cash. What are the laws the set up this framework? What problems does this create? What is the solution?
Tag Archives: Jeffrey Miron
For the purpose of this column we consider three types of institutions: government, academic and corporate. They are the thought leaders, market leaders and mainstream actors from outside the industry that are stakeholders in the effects of an economic outcome.
As a state embraces recreational marijuana, is the prescription-driven medical marijuana industry destined to wither and die? Or does the medical marijuana industry have its own distinct role to play, in a way that may give the host state two parallel but distinct markets for years to come?
$3,098,866,907 – that’s a lot of bread. In fact, that figure is more than twice as much as the entire 2013 budget for the Small Business Administration, according to NerdWallet. That $3 billion figure came from a study conducted by the aforementioned personal finance site; $3 billion represents the amount of revenue the United States would see from taxes every year if marijuana were legalized throughout the country.
Cheech and Chong, “Half Baked,” the Zig Zag logo… all of these are passé when it comes to marketing marijuana in the 21st century’s nascent legal industry. Marketers agree – the face of cannabis needs to change.