Investing

[Hongbit]

8 minutes ago, Screwball said:

I forgot to mention the taxes. I think it was %6 sales tax and %10 pot tax, so a total of %16.  I suspect, if Ohio ever legalized, a couple of those stores in Monroe would be toast in a short period of time.  Ohio is also losing out on a lot of tax revenue. I'm not convinced it will ever go legal here.

But it still amazes me of the sales volume.  After experiencing Oregon, and now Michigan (both rec states) and the huge revenue that goes through them - they still only sell in cash. Against federal law to use credit cards as I understand it. Think of the fees that could be collected by banks and credit card companies on credit card fees.  That's some huge revenue and I'm surprised the banking lobby hasn't pushed harder to change this.  After all, they do own the place.

Some of the stories I heard in the past from California are crazy.  Dispensary owners gathering groups of 30 to 40 and buying them all plane tickets to Costa Rica and giving them all exactly $9,999 in cash to stay below the customs limit so it can be deposited in their Costa Rican bank.  

[Screwball]

22 minutes ago, Hongbit said:

Some of the stories I heard in the past from California are crazy.  Dispensary owners gathering groups of 30 to 40 and buying them all plane tickets to Costa Rica and giving them all exactly $9,999 in cash to stay below the customs limit so it can be deposited in their Costa Rican bank.  

I can only imagine.

There was a documentary on Netfix called Murder Mountain about California and the pot industry over the years.  Great insight on how that went from the black market to legalization and the problems that went along with it. Much can be found online about other states, including Colorado, which I think was one of the first states to go full recreational.

Many of the problems were due to money - or how to move and bank it - because all cash. It really seems weird that an industry with as much revenue as this has to use cash.  And it's not like the swine banks haven't been caught moving some kind of illegal money over the years anyway.

And it's not like you are being secret. You have to provide a drivers license at the very beginning, and if needed, there are a few ATM's in the store.

Being curious, the closest store in Ohio, which is medical only, runs at least double in price (or more) of Michigan.

[oblong]

I know in MIchigan there were issues with banks not wanting to touch the money because of the federal ban. Not sure whatever happened with that. 

[Screwball]

Doing a little research; From the American Bankers Association

Cannabis Banking

Quote

 

Currently, thirty-seven states, the District of Columbia, Guam and Puerto Rico have all legalized the use of marijuana to some degree. Yet the possession, distribution or sale of marijuana remains illegal under federal law, which means any contact with money that can be traced back to state marijuana operations could be considered money laundering and expose a bank to significant legal, operational and regulatory risk.

In addition to growers and retailers, there are vendors and suppliers, landlords and employees that are indirectly tied to the cannabis industry, thus posing legal risk for banks serving such entities and individuals, as indirect connections to marijuana revenues are hard, if not impossible, for banks to identify and avoid.

The rift between federal and state law has left banks trapped between their mission to serve the financial needs of their local communities and the threat of federal enforcement action.

While ABA takes no position on the moral issues raised by legalizing marijuana, the growing number of states that allow its sale and use raises practical issues that must be addressed. ABA believes the time has come for Congress and the regulatory agencies to provide greater legal clarity to banks operating in states where marijuana has been legalized for medical or adult use. Those banks, including institutions that have no interest in directly banking marijuana-related businesses, face rising legal and regulatory risks as the marijuana industry grows.

Current proposals in both the Senate and the House that seek to provide greater clarity and bridge the gap between state and federal law provide a solid starting point for discussion. We look forward to working with policymakers of both parties to find solutions that provide the legal and regulatory certainty banks need to best serve their communities.

 

 

[Tigeraholic1]

Coldwater, MI has a ton of pot stores. Everytime I go through there seems to be a new one. All full of Indiana license plates.

 

To quote Field of Dreams, if you build it they will come. They most certainly will come Ray because its money they have. LOL

[Screwball]

Well, it sure looks like Michigan has good coverage, and many along the border, which I'm sure isn't an accident.

[oblong]

Article today in the News about Detroit’s 33 new licenses are limited because of restrictions about being beyond 1000 feet of a school, church, or liquor store. (Wonder if that also means restaurants?)  It’s diminished potential sites and owners of buildings that fit the requirement know this.  High barrier of entry. 

[Deleterious]

It probably does not include restaurants.  I know we are not considered a bar when it comes to open carry laws.

[chasfh]

On 2/3/2023 at 8:22 PM, oblong said:

The things I never would have believed 20 years ago. Pot and gambling being so accepted.  

I did a whole thread on the other site about how pot could never be legal. It does kind of defy a certain logic: it’s a largely unregulated product positioned as medicine that’s being made more or less away from any public scrutiny, and that people basically prescribe to themselves to resolve maladies that may or may not benefit from it. Almost exactly like the patent medicines that late night and low-ratings TV hawks to people without medical insurance. Years later, I’m still gobsmacked that it’s still legal in as many states as it is. Shit, man, I’m not 100% convinced it won’t land back on the blacklist and be illegal everywhere all over again. There are still a lot of red hat media and politicians that would like to go after it. In the meantime, smoke hay while the sun shines.

[chasfh]

On 2/3/2023 at 11:00 PM, Deleterious said:

Pure Roots just put a new dispensary in Battle Creek.  It is in a former Don Pablos and it is massive.  I bet it sat 250-300 people at the time.  They put $5.6m into the refurbish and it just opened Feb 1.  Glad it finally opened since we only have about 19 other weed shops.

 

There’s your near future: corporate cannabis megastores opening, followed by mom and pops and small chains closing. It probably won’t be nineteen for very long.

[oblong]

16 minutes ago, chasfh said:

I did a whole thread on the other site about how pot could never be legal. It does kind of defy a certain logic: it’s a largely unregulated product positioned as medicine that’s being made more or less away from any public scrutiny, and that people basically prescribe to themselves to resolve maladies that may or may not benefit from it. Almost exactly like the patent medicines that late night and low-ratings TV hawks to people without medical insurance. Years later, I’m still gobsmacked that it’s still legal in as many states as it is. Shit, man, I’m not 100% convinced it won’t land back on the blacklist and be illegal everywhere all over again. There are still a lot of red hat media and politicians that would like to go after it. In the meantime, smoke hay while the sun shines.

I think there's a distinct line in that red hat group between the religious fanatics and the "government is nazis and want to kill us" groups.  The latter is all in on pot, the former, not so much.  The former still wants to ban dancing, stores being open on Sundays, booze, interracial marriage, and of course pot.  The latter were the ones growing it.  

Of course a couple of well placed Supreme Court picks won't care about that.  So you might be right.

 

 

[chasfh]

29 minutes ago, oblong said:

I think there's a distinct line in that red hat group between the religious fanatics and the "government is nazis and want to kill us" groups.  The latter is all in on pot, the former, not so much.  The former still wants to ban dancing, stores being open on Sundays, booze, interracial marriage, and of course pot.  The latter were the ones growing it.  

Of course a couple of well placed Supreme Court picks won't care about that.  So you might be right.

 

 

I agree that’s true of the rank-and-file red hats, but is it true of their politicians? Is MTG and Lorena Bobbitt and Gym Jordan and Louis Gohmert more likely to push for legalization on the federal level, or to push for outlawing cannabis so they can clear a couple hundred thou from Pharma for the favor? After all they all voted against HR3617 to decriminalize cannabis and remove it from Schedule I.

[oblong]

23 hours ago, chasfh said:

I agree that’s true of the rank-and-file red hats, but is it true of their politicians? Is MTG and Lorena Bobbitt and Gym Jordan and Louis Gohmert more likely to push for legalization on the federal level, or to push for outlawing cannabis so they can clear a couple hundred thou from Pharma for the favor? After all they all voted against HR3617 to decriminalize cannabis and remove it from Schedule I.

kind of related.

Chatfield was a recipient of this money and he's being investigated for a lot of things regarding finances.  He's as evangelical as they come.  He also likes young girls.  The works. 

[chasfh]

7 minutes ago, oblong said:

kind of related.

Chatfield was a recipient of this money and he's being investigated for a lot of things regarding finances.  He's as evangelical as they come.  He also likes young girls.  The works. 

“Evangelical as the come” and “likes young girls” are not necessarily strangers on the Venn diagram.

 

[oblong]

It's in the Bible.

 

[chasfh]

32 minutes ago, oblong said:

It's in the Bible.

 

I figured it probably was but finding it would have required cracking open a Bible. 😉

[CMRivdogs]

Just take a quick look at Noah and his daughters

[Tiger337]

6-month treasury up to 5%.  

[Motor City Sonics]

On 2/4/2023 at 3:38 PM, Screwball said:

Well, it sure looks like Michigan has good coverage, and many along the border, which I'm sure isn't an accident.

I think one of the first things a President DeSantis would do is shut it all down.   With guys pointing weapons at store owners across this country.     He goes after gay businesses, so he wouldn't hesitate to use the military on this.  States Rights?  Only on stuff they like.  

[Motor City Sonics]

Couldn't figure out where to ask this, so I do it here. 

 

Does anyone use Rocket Money? 

I know that I have things I am paying for but not using and I guess its a good ap for finding everything.    But, I am apprehensive about giving them or anyone my bank information (but of course, this is how they find things I am paying for that I shouldn't be paying for). 

 

Okay.......Go...........

 

[Deleterious]

I can't understand services like that.  Am I weird because i can tell you where ever cent of my money goes?

[Tiger337]

1 hour ago, Deleterious said:

I can't understand services like that.  Am I weird because i can tell you where ever cent of my money goes?

no

[Screwball]

The name "Rocket Money" triggered an alert on my money meter. But that's just me.

The world has went insane.

[Tiger337]

Paying money for an application which supposedly saves you money sounds like a bad idea.  

[Screwball]

It's truly amazing how all this shit works. I have been dealing with my end of life will and trust, so I had to go to my bank. I made that the last one on my list of things I had to do. My lawyer told me what needed to be done - pretty simple - document a payable on death to this/these accounts. Nope, not simple. The card on their desk said they were my personal banker, but they had no clue. I spent about 10 minutes, most of which they were on their computer trying to figure out what to do. This should be simple. Of course not.

At the same time, I have been talking to another bank. I would love to move. I ran into a young lady working her way up the banking system, so we've had some really good conversations, and she's giving me info on her bank. Her training isn't so much about customer service, but how to make money off of you.  NO! Tell me it ain't so. The best part - I talk to her in a bar and not at the bank - so she can be honest. 

Marketing, bullshit, promises. No different than taking the Series 60s type stuff to eventually tell people how to invest their money. I considered doing that at one time but once I studied enough, I found out you had to be a lying sack of shit. She tells me about the things they make her do. Interesting stuff.  I asked her about SARS (suspicious activity reports). That would be a no go - even at the bar.  Too funny.

Dealing with the financial wizards of the world is all about separating us from our money - it's that simple.

Think about this. If you buy and sell a stock, you have a price you paid, and a price you sold. You made money or you lost. When you see the paperwork of that trade (CUSIP #) they settle 4 digits to the right of the decimal point. For example $100.xxxx.  Why?  How can we have a penny to 4 digits?

Because we can.

 

Edited February 18, 2023 by Screwball