Pot Shops – Getting the Squeeze

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.

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