by Richard Marin and Tommy Chong
These so called Medical Marijuana dispensaries are getting a new Squeeze these days. Not from Federal Law Enforcement – rather from the Banks – those Banks that are FDIC members.
FDIC = Federal Deposit Insurance Corporation, and most banks are dues paying members because the FDIC insures each Banks unique depositor up to $250,000.00
Of course being a FDIC member – REQUIRES each member bank to conform with ALL State and FEDERAL laws.
Result? Banks are putting the squeeze on local Pot Shops. Turn outs…
– A local Pot shop cannot legally have a registered Bank account at a FDIC member Bank.
– A local Pot shop cannot legally have a FDIC Bank’s electronic Credit Card processing machine in use either.
– Any Commercial Landlord – that has his Commercial Mortgage from an FDIC member bank – cannot legally rent/lease Commercial space to a Pot shop in his building. Check out this story of a Boulder Pot Shop getting pushed out – (Click Here)
A recent Pot Shop report from Edwards reached the ECT. The report stated…a Commercial property landlord in Edwards wanted/needed to refinance their existing Commercial loan. Their FDIC member Bank (caught wind?) of the fact said landlord was renting space to a Pot Shop. The Bank (the ECT was told) refused to discuss refinancing their Commercial Mortgage – till after the Pot Shop was gone…So..now you know why there is now (1) less Pot Shop in Edwards…
The Daily Fishwrap – won’t inform you of these things – because they still sell print advertising space to Eagle County, Colorado based Pot Shops…however they do seem willing to tell you the story (see the inset) of a recent local Police encounter involving Marijuana. Pot Shops in Aspen are also getting the Squeeze – recent story from the Aspen Daily News (Click Here)
The ECT folks don’t know for sure…if male patients that are issued a Medical Marijuana card – are at the same time – also issued a male prosthetic device (read inset) to go with their new card.