Marijuana, Yuki Noguchi, Cannabis discussed on All Things Considered

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Normally chief financial officers job involves pouring over balance-sheets and Bank statements. It's a bit different in the cannabis industry. Business is still conducted largely in cash because under federal law. The drug remains illegal last month, the house committee advanced legislation that would authorize banks to serve legal marijuana businesses for now managing pot business in the thirty four states where marijuana is legal requires some creative work arounds. NPR's? Yuki Noguchi reports Tom did you vani spends his time trying to figure out how to move money to run his business loads of it. Did you is a former Ernst and young accountant and a family, man. But now his job feels a lot more gangster then pencil pusher. Did you vani looks like he could be radioed his brother with a nightclub bouncers build? He says he likes living on the edge, at least business wise. And that's how he ended up here. Leaning into an unmarked armored van metal cages that middle cage. It's to protect cash from would be thieves. This is how you transfer money at Camdessus an organic pop producer in desert hot Springs, California, under the watchful gaze of big men carrying lots of guns have an ankle holster like another one of the small of their back, and they're wearing tactical gear. Pretty crazy. They safeguard coded bags carrying mostly twenty dollar bills over the course of a month. We probably have two million dollars in cash. That's in. State of transit counting all that is a pain. And it's heavy he has fulltime workers doing just that it's three or four hours a day that they're standing in front of that machine. Feeding cash into it. It's three times after every transfer at an undisclosed location that process he says, we're not allowed to see gets transported again on a random schedule to our processing facility, which is a different city that I won't name the legal narrow one of business operates in murky financial world without help from major banks can Bessant for example.

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