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> People who grow cannabis also are unbanked. Everyone in the legal marijuana business is unbanked, because (at least in the USA) banks can't do business with
by theandrewbailey 5y ago
> People who grow cannabis also are unbanked.
Everyone in the legal marijuana business is unbanked, because (at least in the USA) banks can't do business with people who traffic federally illicit substances.
P.S. today is 4/20, blaze it!
- matt_heimer 5y agoThe business is unbanked but are the owners and employees really unbanked? How do payroll and taxes work in that industry?
- desdiv 5y ago>How do payroll and taxes work in that industry? I don't have personal knowledge of the marijuana industry, but IRS's site says they accept cash and Money Orders. There's a $1,000 per day limit for cash, so it's not really feasible for large businesses. Instead, I think you can make Money Orders by going to Western Union or USPS, if banks are to be avoided. [0] https://www.irs.gov/newsroom/irs-payment-options https://www.irs.gov/newsroom/irs-payment-options
- legerdemain 5y agoMoney orders also have a maximum amount. At USPS, the maximum amount is $1000.
- formerkrogemp 5y agoThe amount varies based on risk tolerance and AML/KYC laws. I used to work in a bank.
- deleted 5y ago[deleted]
- waynesonfire 5y ago> P.S. today is 4/20, blaze it! yeah! killer mann, we got no bank account brah. lets blaze!