Where To Stash Cannabis Cash? Tribal Nations Make Bid To Bank It – Bloomberg Business

Anthony Rivera Jurisdictional issues can get complex because some tribal territories cross state lines. Problems will be addressed by lawyers on a government-to-government basis, the Justice Department said. We look at the constitution and the laws of that certain sovereign nation and we do our best to find a way to pass legislation on the reservation to ensure that we can do this not only legally on the reservation but also compatibly with laws and regulations in the state and federally, Rivera said. Since 2012, Alaska, Colorado, Oregon, Washington and the District of Columbia have legalized cannabis for adult recreational use, and 23 states, D.C. and Guam have approved medical marijuana, according to the National Conference of State Legislatures. For the tricky and sometimes dangerous business of transporting cannabis cash, CannaNative has signed on with MPS International, a unit ofMedical Marijuana that provides security for the industry. Bags of Cash Employees of legal-weed companies resort to extreme measures to deal with the piles of cash they accumulate, said Michael Julian, MPS Internationals chief executive officer. Shaun Gindis duffel bag bulging with twenties isnt uncommon. Julian said he knows of companies spending $150,000 to build their own high-tech vaults. Still, a lot of them need a way to move their money from their storefronts to the vaults, he said. The federal government and these banking laws are making it so that people have to walk around with tens of thousands of dollars in their businesses, in their cars, in their homes, putting these people in danger, Julian said.

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