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Agreed. The article is a bit rant-y so I had a hard time figuring out what his actual issue is but the whole time I could only think, of course it's because you

Agreed. The article is a bit rant-y so I had a hard time figuring out what his actual issue is but the whole time I could only think, of course it's because you're associated with the marijuana industry. IMO it will take all fifty states, DC and the federal government legalizing marijuana before industries like banking and insurance are comfortable with doing business with anyone associated with the marijuana industry.

codeduck 11y ago
In the USA. Then there's still the minefield of European and Asian governments - some of which view the trafficking of narcotics as a capital crime. And then there's the fact that many financial regulatory bodies are INCREDIBLY conservative.
adevine 11y ago
In addition, while I understand his protesting that "we just sell software", pretty much by definition he sells software to businesses (i.e. people who will be paying with Stripe) whose legality is a gray area, especially in the banking sector.
bitcrusher 11y ago
Maybe you're right; But something feels a bit out of focus for me, only because they're only 'involved' from the standpoint that they're selling software. If their software was called 'seed' tracker and they didn't mention Marijuana overtly, would it still be an issue? I get that Stripe can (and should) do business with whomever they choose. This guy's rant aside, I think the fringe business issues surrounding emerging industries are really interesting. Here's another example: Technically Uber has been operating in a legal grey area for a while (not unlike this software). What if companies like Stripe refused to do business with them because of their quasi-legal business? AirBnB?
- smhenderson 11y ago
  If their software was called 'seed' tracker and they didn't mention Marijuana overtly, would it still be an issue? I think so... As others have pointed out (including the Stripe CEO apparently) the banking industry is very paranoid about the legal marijuana industry right now. There is just too much grey area, even in states where it's legal. https://en.wikipedia.org/wiki/Operation_Choke_Point https://en.wikipedia.org/wiki/Operation_Choke_Point As for Uber and ABB, although there has been a lot of press around them and some setbacks for them here and there I just don't think people get nearly as excited about them as they are about the recent relaxation of marijuana laws. People get very hyped about marijuana (and drugs in general) being legal; it seems like one of those issues that people are pretty passionate about, whether for or against.
- dragonwriter 11y ago
  > If their software was called 'seed' tracker and they didn't mention Marijuana overtly, would it still be an issue? Probably. There's often a significant legal difference between selling something intended as a general use tool that happens to have utility in illegal enterprises and selling something that is specifically designed and marketed as a tool for a specific class of criminal enterprise.
at-fates-hands 11y ago
Its really aligning the Federal Laws with the state laws so that people in states where its legal don't constantly have to look over their shoulders. We've all seen and heard how abusive the Feds can be when they want to make a point - this is what keeps a lot of these businesses weary of getting involved in this industry.

codeduck 11y ago

In the USA. Then there's still the minefield of European and Asian governments - some of which view the trafficking of narcotics as a capital crime. And then there's the fact that many financial regulatory bodies are INCREDIBLY conservative.

adevine 11y ago

In addition, while I understand his protesting that "we just sell software", pretty much by definition he sells software to businesses (i.e. people who will be paying with Stripe) whose legality is a gray area, especially in the banking sector.

bitcrusher 11y ago

Maybe you're right; But something feels a bit out of focus for me, only because they're only 'involved' from the standpoint that they're selling software. If their software was called 'seed' tracker and they didn't mention Marijuana overtly, would it still be an issue? I get that Stripe can (and should) do business with whomever they choose. This guy's rant aside, I think the fringe business issues surrounding emerging industries are really interesting. Here's another example: Technically Uber has been operating in a legal grey area for a while (not unlike this software). What if companies like Stripe refused to do business with them because of their quasi-legal business? AirBnB?

smhenderson 11y ago
If their software was called 'seed' tracker and they didn't mention Marijuana overtly, would it still be an issue? I think so... As others have pointed out (including the Stripe CEO apparently) the banking industry is very paranoid about the legal marijuana industry right now. There is just too much grey area, even in states where it's legal. https://en.wikipedia.org/wiki/Operation_Choke_Point https://en.wikipedia.org/wiki/Operation_Choke_Point As for Uber and ABB, although there has been a lot of press around them and some setbacks for them here and there I just don't think people get nearly as excited about them as they are about the recent relaxation of marijuana laws. People get very hyped about marijuana (and drugs in general) being legal; it seems like one of those issues that people are pretty passionate about, whether for or against.
dragonwriter 11y ago
> If their software was called 'seed' tracker and they didn't mention Marijuana overtly, would it still be an issue? Probably. There's often a significant legal difference between selling something intended as a general use tool that happens to have utility in illegal enterprises and selling something that is specifically designed and marketed as a tool for a specific class of criminal enterprise.

at-fates-hands 11y ago

Its really aligning the Federal Laws with the state laws so that people in states where its legal don't constantly have to look over their shoulders. We've all seen and heard how abusive the Feds can be when they want to make a point - this is what keeps a lot of these businesses weary of getting involved in this industry.