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State pot regulator proposes state pot bank

Regular banks won't touch marijuana businesses with a ten-foot pole, what with the feds once again railing about the evil weed, so the chairman of the Cannabis Control Commission wants to look at creating a state-run pot bank - to get millions of dollars out of the way of robbers and to ease taxation - the Globe reports.

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Comments

I'll hold it for you guys. I have attractive rates and I'm conveniently located in Davis Square and South Station. Love, Elliot Davis Credit Union

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The guy in government is lucid and making sense? (Expletive), I guess they should all use, man.

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Yeah, this is kinda shocking

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So would this mean they will not need to pay Federal taxes as it is an unrecognized source of income? I'm sure that will sweeten the pot for a state run bank!

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IRS wants their money whether it's recognized or not. Pop it in other income and pay up.

https://taxfoundation.org/irs-guidance-thieves-drug-dealers-and-corrupt-...

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Ask him how well that went down.

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You have to pay taxes on cannabis income. Worse, you also you can't take any tax deductions (business expenses for a federally banned business are not deductible). It's kind of a pain.

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Currently, Century Bank of Somerville is the only Massachusetts bank that accepts deposits from the state’s medical dispensaries, according to industry executives.

This would make a great reboot of the 1979 film 'The Warriors' or perhaps a video game: A dispensary owner has to make it from Fenway to Somerville with a huge bag of cash deposits. There would have to be some plot twist to have them cross into Charlestown for some reason to make it a summer blockbuster.

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Use the pot tax money to rebuild the bridge that connected to the homeless shelters on Long Island. It infuriates me that pervert billionaire Steve Wynn and his greedy rich casino company expect Boston taxpayers to GIFT him a $23 Million dollar bridge and yet the homeless here in Boston have yet to have the bridge to much needed shelters rebuilt.

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I see where you're coming from but that bridge is a vital link that will connect bike paths in Somerville to the Northern Strand Community Trail in Everett and beyond.

https://biketothesea.com/

Page 2 on this PDF:
https://biketothesea.com/wp-content/uploads/2012/10/CRG_B2C_FINAL.pdf

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I'm on that trail at least once daily, twice on weekends.
How great would it be for me to be able to bike safely from my house all the way to Somerville!

I would never bike on public streets as I don't trust myself, so for me the trail is a blessing.

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Your comment clearly says you can't stand the sight of homeless people anymore and want them to all be relocated on an island away from your yuppie market rent civilization.

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I'm betting that you have also been complaining about future Casino traffic jams? This bridge will connect the rapid transit system to the Casino so that people working there and people heading there can take public transit.

Oh, wait - that's actually improving connectivity in the area. Too complicated!

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They keep voting Democrat, so he's drawn the conclusion that they like financial abuse and theft. I don't fault him on those grounds.

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The Mystic bridge has been requested and planned for for years. It's to connect a bunch of bike paths, and, given increased development, connect somerville residents to everett residents. The casino is just moving the project forward - and yes and if we can get a few mil to offset the cost because of the casino, I'll take their money.

Why would you think Boston would pay for a bridge between Somerville and Everett?

And since we're off topic, why are you so adamant that Boston's $150mil + to be spend on a bridge is better than spending that $150 mil on services?

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Sorry, but I'm advocating for human beings who are living on the streets! I get you want a bike path, but for the homeless, having shelter can be the difference between life and death! Show some compassion, please.

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Following that logic, we should shut down every state and city service and give all the money to such causes.

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Why don't some enterprising businesspeople start a state-chartered bank for this purpose? It seems like an easy, underserved, low-risk market.

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Confederate logic! "States rights" was the justification for slavery and segregation superseding Federal law. But Confederacy is A-OK if it gets you high! Just saying...

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