Welcome to

The manufacture and sale of log grade THC marijuana know as Charlotte’s Web is expected to be a two hundred million dollar a year business in Florida. But regulators and bankers are already warning that finding a banker to handle the cash could be trouble.

Colorado pot stores do a brisk business. Armed guards stand ready at the door. But all the cash generated from sales is posing a problem for entrepreneurs and bankers alike.  Marijuana is still illegal under federal law and the banks are regulated by the Feds.

Now, here in a Florida,  A 40 page glossy presentation from the Office of Financial Regulation is warning that banks could face a host of federal charges if they deposit cash from legal marijuana sales in Florida that will begin next year.Greg Hila is the Deputy Commissioner in the Office of Financial Regulation. He says OFR is monitoring the situation and is ahead of the curve. “There is a know your customer clause which doesn’t allow a bank to actually bank certain entities if they are dealing with criminal activity” says Hila.

Florida Bankers are already saying “no thanks.” Mike Fields is the state President for Bank of America. “We follow all federal laws and regulations” says Fields, “and as such we do not bank anyone related to the marijuana business.”

And if voters legalize medical marijuana by approving amendment two the problem is only going to get more complicated for everybody.”

Pot was designated a schedule one drug with no medical use in 1970. Representative Matt Gaetz is the sponsor of the Charlotte’s web legislation that passed this year. He says the designation has to change. “It’s been proven to be ridiculous by virtually every scientific study. And the Federal government has failed the people of this country.”

The stakes are big, Nation wide, the sale of legal pot this year alone is expected to generate two and a half billion dollars.

Florida, Ohio, and Pennsylvania are all voting this year on legalizing medical marijuana. Alaska and Oregon will vote on legalizing recreational use.