S.F. Fed Vet To Show How Cool Legal Weed Can Be For Banks

"It would be a whole cooler if you did...allow legal pot businesses to have bank accounts."


As we’ve discussed at length, the federal government and the banks it supervises have been supremely dick-ish about letting legal (in the state-law sense) marijuana businesses do the kinds of things that businesses are wont to do, like have a bank account or run a credit card.

Well, it’s occurred to at least some of the cannabilists entrepreneurial stoners that maybe they can get the straights to change their whole way of thinking on this issue if they just had someone who spoke their language. You know, a suit.

Perhaps someone like former Fed functionary Dante Tosetti.

Part of Mr. Tosetti’s job will be to convince banks that they are missing out on potentially lucrative business that is right under their noses.

“There are a number of banks that have a footprint in places that are already inundated with the cannabis industry, where they’re making it peripheral to their businesses when it could really be a part of their client base,” Mr. Tosetti says. “My goal is to change the misconception that servicing the cannabis industry is a compliance burden for banks.”

Fed Employee Hired By Pot Investment Firm to Crack Banking Sector [WSJ MoneyBeat blog]
Earlier: Seattle Pot Businesses Getting Bank Accounts For Christmas