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The booming money laundering business due to legalized marijuana

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ch33zw1z

Lifer
Nov 4, 2004
30,946
9,729
146
Here's the part making that claim: "Mexico cultivates more than 20,000 acres of marijuana every year and produces an estimated 7400 tons of pot; easily making it one of the leading producers in the world. Most of this finds it’s way into the United States, and Mexican weed makes up an estimated 40 percent of what we consume here in America. If you live along the border, there is a pretty good chance that what you’re smoking comes from Mexico. "

Of course, the article goes on to say that estimates are unreliable: "Obviously all these numbers are loose estimates, usually extrapolated from surveys and law enforcement data (drug arrests and seizures). Marijuana remains a black market crop. It’s production and transportation are undocumented, and it is impossible to know with any degree of accuracy which countries produce how much, and where it goes. And a recent study by Beau Kilmer and the RAND Drug Policy Center has shown that much of the available information about drug trafficking is inflated and unreliable."

Fact is, if your state is legalized recreationaly, you're likely not forced to buy garbage from Mexico. Same goes for medical patients. Buying local also has the nice effect of reducing money flowing to cartels in Mexico or other countries. As people have been saying for decades, keep it local, support another industry in our country, tax it, regulate it to ensure high quality and purity, the benefits of this are clear.
 

blackangst1

Lifer
Feb 23, 2005
20,212
633
126
Here's the part making that claim: "Mexico cultivates more than 20,000 acres of marijuana every year and produces an estimated 7400 tons of pot; easily making it one of the leading producers in the world. Most of this finds it’s way into the United States, and Mexican weed makes up an estimated 40 percent of what we consume here in America. If you live along the border, there is a pretty good chance that what you’re smoking comes from Mexico. "

Of course, the article goes on to say that estimates are unreliable: "Obviously all these numbers are loose estimates, usually extrapolated from surveys and law enforcement data (drug arrests and seizures). Marijuana remains a black market crop. It’s production and transportation are undocumented, and it is impossible to know with any degree of accuracy which countries produce how much, and where it goes. And a recent study by Beau Kilmer and the RAND Drug Policy Center has shown that much of the available information about drug trafficking is inflated and unreliable."

Fact is, if your state is legalized recreationaly, you're likely not forced to buy garbage from Mexico. Same goes for medical patients. Buying local also has the nice effect of reducing money flowing to cartels in Mexico or other countries. As people have been saying for decades, keep it local, support another industry in our country, tax it, regulate it to ensure high quality and purity, the benefits of this are clear.
I get all that. But back to the op.... Who is doing the laundering? Weed is a big cash crop. You local Joe store owner can't launder that much cash.
 

ch33zw1z

Lifer
Nov 4, 2004
30,946
9,729
146
I get all that. But back to the op.... Who is doing the laundering? Weed is a big cash crop. You local Joe store owner can't launder that much cash.
Select financial organizations who choose to take the risk. aka, not the "too big to fail" ones.

Not entirely sure why you posted the link now, it seemed like you were trying to prove people in the U.S. consume Mexican MJ? Well, with every state that legalizes either / both MMJ or Rec, less and less
 

hal2kilo

Lifer
Feb 24, 2009
15,263
3,493
136
Select financial organizations who choose to take the risk. aka, not the "too big to fail" ones.

Not entirely sure why you posted the link now, it seemed like you were trying to prove people in the U.S. consume Mexican MJ? Well, with every state that legalizes either / both MMJ or Rec, less and less
Only thing Mexican at my end of the country is tar and meth.
 

Vic

Elite Member
Jun 12, 2001
47,657
7,728
126
I get all that. But back to the op.... Who is doing the laundering? Weed is a big cash crop. You local Joe store owner can't launder that much cash.
You obviously don't get all that. This isn't about the cartels laundering money, that's propaganda. When you have hundreds and hundreds of legal local dispensary owners and legal growers who are being preventing from using the banking system due to outdated federal banking laws, then yes, they can launder that much cash, because they have no other choice. Legal marijuana is a $10 billion/year industry. This is about a legal $10 billion/year industry being forced to operate all-cash because they aren't allowed to use the banks. Get it now?

And the legislation that would change all this, the SAFE Banking Act, which would allow these legal businesses to use the banks, passed the House by a 321-103 vote back in September with large bipartisan support and with backing from the banking industry. And all that's blocking it right now are the Senate Republicans and Trump, and their useful idiots spreading FUD about the cartels.
 
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Blackjack200

Lifer
May 28, 2007
15,991
1,656
126
You obviously don't get all that. This isn't about the cartels laundering money, that's propaganda. When you have hundreds and hundreds of legal local dispensary owners and legal growers who are being preventing from using the banking system due to outdated federal banking laws, then yes, they can launder that much cash, because they have no other choice. Legal marijuana is a $10 billion/year industry. This is about a legal $10 billion/year industry being forced to operate all-cash because they aren't allowed to use the banks. Get it now?

And the legislation that would change all this, the SAFE Banking Act, which would allow these legal businesses to use the banks, passed the House by a 321-103 vote back in September with large bipartisan support and with backing from the banking industry. And all that's blocking it right now are the Senate Republicans and Trump, and their useful idiots spreading FUD about the cartels.
The laws are not outdated. They are a recent and deliberate measure to police people's behavior though the financial system.
 

Vic

Elite Member
Jun 12, 2001
47,657
7,728
126
The laws are not outdated. They are a recent and deliberate measure to police people's behavior though the financial system.
Fair enough. By outdated, I meant that the law had not been adapted to marijuana legalization.

Your earlier criticism in this thread was somewhat inaccurate BTW. It is almost entirely govt driving this bus to police people's behavior through the banking system. Given the option, banks would prefer to maintain their customers' privacy, if only because the cost of this govt compliance is burdensome.
 

digiram

Diamond Member
Apr 17, 2004
3,787
66
91
People are now watching Breaking Bad not to see how Walter made the meth, but how he ran the car wash.
After watching Breaking Bad and The Ozarks, every small hole in the wall business I pass, I'm thinking it's likely a laundromat... lol
 

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