WWL>Topics>>1-14 10:35am Garland, legalizing marijuana

1-14 10:35am Garland, legalizing marijuana

Jan 14, 2014|

Strange problems for the newly legalized marijuana shops in Colorado. Banks won't take the cash so store owners are traveling with bags of money…and now some experts are warning that drug cartels angry at loss of income may rob and extort store owners. Does that change your mind? Garland speaks to Tim Cullen, owner of Evergreen Apothecary about his unique banking solution.

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Automatically Generated Transcript (may not be 100% accurate)

It's in pursuing your we started off to Chicago. Are asking you our daily governor bureau -- jaguar opinion poll are you four against legalizing pot in Louisiana it was pearl and asks close to is 7%. Now it's 58%. In the reason may be. The report we're doing today. Says call brought grow pot shops likely targets of drug court it's. And what we're doing Apollo one upon it was June worshippers -- broader became the first state to legalized. Pot. Down to -- -- story with. Very few strings attached older than agent and a number of other areas where you crude could not smoke. But basically. The retail stores now that that sell pot. Bullet. What's happening news. And giving -- cartels and and in Mexico. They're two very large Mexican cartels that it did too strong news that the two most while. Warmer in solo. And we're told. That boom times strong presence in -- So get that the duties Mexican drug cartels. Were already isn't -- Now do you think the trust want to call brought. Oral or body in every state. Or very in states that are thinking about legalizing pot. Exactly. Why would they beat there are both old war. The drug is legal. -- -- -- first one day in the collective sales of these. Retail outlets was about a million dollars. And got the slip -- to a 2012. Something called the Mexican competitiveness. Institute. Issued a report. What it's a -- Mexican cartels would lose as much. From what I have billion dollars in Colorado legalized. Marijuana. Organization also predicted the drug trafficking revenues. Overall. Would ball twenty to 30%. And Sinaloa Cartel which -- -- the most affected. Would lose up to more than 50%. I -- just some until I see it is important to them aside from. A million -- the first I'm -- million middle and upper state five billion made on the first week. And the analyst -- Caroline didn't I read last night. Their figure is ever -- indoor marijuana revenue could be as much as 500 million dollars a year. Justin called -- So what we're seeing is because the ads. Have not proved it all they said was. We're not going to prosecute the retail -- But now what happens good example is. Do you going to -- but the credit card you can. Most of the record companies or headquartered in Delaware Delaware does not. Have legalized marijuana. And on top of that the banks won't take anything more than 101000 dollars in cash. Otherwise have wondered over the Monica and -- And when they find out it's from marijuana. They don't want the money for fear of the will move against them. So. One million opinion -- and very cursory and birds superficial. It feels like this whole area could be threatened. Because of the disconnect between federal law and local law and -- Owner of the evergreen park security we talked to wounded -- everything opened and we've got him again today Tim I appreciated the call. What the problem isn't -- your causing I'm reading about -- retail owners. Driver around with -- shopping bags of trash. Don't know what to do with the noblest of putting or those reports exaggerate it. No they're not and we're stronger. Support banking reform maturity it's really two issues for us the first being accountability issue. It's hard to keep saying let's regulated the business in the country and and not allowed to. -- I'm -- -- banking accounts you know the situation where people were literally can do their books pencils. So in order to collect the tax revenues that that's been placed on us. Thanking says this is not this piece. And our source the requirement and the second thing that you mentioned that's totally correction that's it's a public safety issues. Now politically owners are urgently important stores in the customers that did it. We've we've written we strongly support banking reform that'll air read licensed -- businesses. That at least we should be able to bank wherever where we can find that you don't want idealist and I really hope that doesn't change in the near future and when you -- Last letter read 2012. Report called the Mexican competitive initiative. And it's said Mexican cartels could loses much as one have billion dollars. If Colorado legalized marijuana. And then they've pointed out that the cartel were in Colorado both -- the legalization. And that same institute predicts. The drug trafficking revenues would ball twenty to 30%. Or something called the Sinaloa Cartel. Which would -- most of expected that court -- would lose up to more than 50% of the profits. So what we're seeing though is reports. Or three year. That the drug cartels already in Colorado will start attracting shop owners of the shopped themselves. Because they're using only cash the Fed's. Won't let banning short credit cards or or. Credit union. Funded. The buying of pot so. Kind of straying. Each kind of situation in Colorado better understand whipped him Colin. Owner proprietor to every pot that carry in and were you in Denver. -- -- What do you do with the -- and collected every that you can't. Have more than 101000 dollars in cash because of viewed through the bank should go and wonder where it's wrong. You say pot and they -- -- What do. Well we actually we use the business management service that doesn't allow us to use banking and debt that's that's a unique scenario. And usually would be able to come across. -- -- so we're Louis. We've contacted that another business in -- that -- business management service and to them a week and we -- -- the bank account the point that -- making it. It is really doubted we should elect the hammer hanging over our heads and some really ugly words like bank fraud and money laundering. Even though I'm I'm pretty confident -- that's about where you are books they're very very clean and we are professional. -- -- -- -- -- -- -- -- -- -- -- -- -- Or even if it's -- -- and you're giving this company you're talking about. More than 101000 dollars cash at a time don't you appeared dependents or somebody else comes in and claims. Money laundering. Oh absolutely absolutely if they're always hanging overhead Leon. That in that in one of the last domino. We would like to cease all and so on it and the legal drinking or. Girl licensed. Licensed candidate senator in Colorado and and eventually throughout the entire country there's greater spirit and yeah. He blue line protection group or you hiring anybody port security. Do security on. They're patrol. That sort buildings that the united and then there also. You'll all -- -- irritation at the door during the day. Ali Zardari and our security at explorers. Like four hours a day are you. But I think he kind of retail store that's experiencing. The success we're experiencing. Would would probably be in that direction all. -- How that I've heard that talks grab a little bit shadow and -- anyway -- is accepting. -- of currency but it. And and it another option that spend posture rounded. An industry group that opens some form of a credit union could not BE ST IC insured at this point. Dude do you see anyway when you talk about bank for reform and we all know how quickly congress. Works if they do -- better -- take 101000 years. Do you use do you. See in the point where you had a problem where there's so much cash in nowhere to put it. And the pads are threatening the credit card company is the banks. Wildly save general every problem. With a legalization of pot in states. Do you see that being able to work long term. All I could go back to. Two. A rule called 280 units part of the tax code day. My understanding -- put in place in the 1982. Limit deductions that could be it -- be taken essentially for drug dealers that her announcement couldn't. -- our expense of a car or boat. And that that's been applied to legal marijuana centers in Colorado and so there are all sorts -- crazy tax deduction that any any other than that would be. They're able to enjoy it and we're not and so when we actually turn. -- -- Wrote a letter on the front of them that we are complying maturity -- for that reason we're not taking these deduction that we filed actions or five years now. Read an audit threatens just. A question of where he -- -- so. So we do you run our books very very tight because I'd stand at some point one will be audited. Where you'll also brought his or have you read the news reports that -- drug cartels. Have bitten and called rock. Even for you does it legal. The vetting process and secure in a -- and modeled after. The vetting process in a license to record Christina. So it is that Mary and -- I would actually be surprised if it does someone get through it. And and still. A dirty player on seeing it sung. It's pretty incredible at its full financial. And personal and business disclosures. Or your entire life. And and -- literally. Line by line and sit down community to do. And I heard about heart soul and Colorado the equity. -- the licensing -- and become elections senator had been pretty impressive. 11 final question. Everett police chief for every share of that I've talked to Louisiana is totally against legalization. And -- kind of drugs in one of the things are always point out to McCullough. The marijuana out there that people think -- -- dangerous. Often done at least with rat poison in a strip knife and painkillers. Even the last they have wade to. What -- respond to the law enforcement people that say. If you're gonna smoke marijuana you have a good chance of getting reply and -- -- and glad she didn't. Proudest scare tactics have been out there forever and they're great job to disprove that. This is -- set up here we grow 100% of the products that we sell. -- today between. 30500. Sales per day and there's absolutely no reason that you would. Had collapsed eighty days to increase the weight of that people. There are other people who are really excited about the wine industry and you've heard of that -- it's -- candidate. I'm so the law enforcement that's concerned about the vote saying we -- the solution not the problem. And it you're gonna see Colorado rated a significant amount of tax money war that you stated and amendments when he. -- -- the first one million dollars raised each school construction. And the formula that -- that appear in crossing the black market it is making and so. People people wanna shop in retail stores they are so are not going to be able -- term community where were illegal kind of distance is concerned in Colorado. So and I think only time will tell -- the slope out first of leaking that have been very successful. And like you had to keep you out of money and then brought in the and and not act in about 22%. You know we're we're running out of time but the story is just beginning. We're like to call you later -- get back calling and just get a bit on what's going on thank you so much for the talk. I look towards that I appreciate it thank you. Tim Golan owner of the every in the pocket Kerry in Denver Colorado selling pot. Legally. But yeah.