At a recent cannabis event I went to, the crowd was made up of cannabis professionals: dispensary owners and staff, growers, edible makers, processors, and wholesalers. Among the speakers was the head of the Oregon Liquor Control Commission’s (OLCC) cannabis program. During the Q&A, a grower brought up how that very week, his bank account had been shut down—the third time in the past year.
“The bank said it’s because I’m involved with cannabis,” he said, “and I wanted to ask you a question: I pay my taxes and fees to the OLCC in cash, which I made growing and selling cannabis. I take it the OLCC has a bank account. Correct?”
The OLCC official nodded yes.
“And may I ask where the OLCC banks?”
“US Bank,” said the official, with a slight smile.
“That’s interesting. That’s the same bank that just shut down my account, again. How is it that when I deposit my money, I’m a ‘criminal with drug sale money,’ but when you do it, it’s ‘important tax revenue’?”
The OLCC official did not have an answer, and if he had, it would have been drowned out by the roars of approval from the crowd.
After respect, a bank account is the hardest thing most canna industry folks have getting.
