2 ms·
Anecdotally, this happened in Denver when marijuana was legalized. Since the pot shops couldn’t store money with banks, many bought homes with cash. This led to
by zackkatz 6y ago
Anecdotally, this happened in Denver when marijuana was legalized. Since the pot shops couldn’t store money with banks, many bought homes with cash. This led to a huge increase in cash buyers and a major spike in prices.
- germinalphrase 6y agoThey literally carried a briefcase of money into the closing without a banking intermediary?
- jrwoodruff 6y agoI've always wondered this too. Can you do a legitimate six figure transaction in actual cash? I'd be uncomfortable carrying around enough cash for a new car, let alone a house.
- asdff 6y agoMaybe that was the case as soon as it was legalized, but by 2017 dispensaries had deposited nearly $1bn into checking accounts at credit unions. In CA, my dispensary takes debit card. https://www.nytimes.com/2018/01/04/magazine/where-pot-entrepreneurs-go-when-the-banks-just-say-no.html https://www.nytimes.com/2018/01/04/magazine/where-pot-entrep...