Audio Transcript Auto-generated
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for this week, asynchronous question we were asked about the
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cannabis in the questions we might have in regard this
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nontraditional business.
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Um I moved to colorado three years ago for work
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related reasons.
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Colorado is one of the states where they can have,
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this is actually legal um like most outside residents of
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states without the legalization of the cell and consumption consumption
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of cannabis.
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I was intrigued to see how the business worked and
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how the business operate, although I have participated in seminars
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related to the cannabis business.
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Um I have to say that I have a very
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general overview of the challenges related to the business and
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this week a synchronised material um actually help me understand
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in a much deeper level um about it.
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The videos we saw show us that even though it
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is a legal business at the state level, um, and
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issued, operate as this type of businesses should operate as
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other legalized businesses in the United States.
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The fact that it's still illegal at the federal level
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make the use of traditional banking close to impossible for
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this type of businesses.
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Most cannabis related businesses have up to open accounts on
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small banks and credit unions, so at least they have
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a bank account, even if this means higher fees related
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to um their accounts or more due diligence information to
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be provided and inconvenience on their daily business operation.
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But I still have some questions.
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Do we need to wait or hope for a change?
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Why are other countries able to regulate and oversight?
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Not non traditional businesses?
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What is the United States waiting for industries like M.
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Sbs. Adult entertainment and other non traditional businesses are suffering
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from the lack of commitment and care from the government
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um to pay attention to the U.
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S. Needs to the U.
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S. Citizens needs.
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When there is already enough information available for the government
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to basically have a much better oversight on this type
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of businesses.
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There are information available and guidance and guidance, such as
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policy and procedures to mitigate the risk associated with non
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traditional businesses.
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Um So another question I have is is the United
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States government underestimated the economic impact um that's such businesses
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can bring to the table and that's basically all the
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questions I have so far um knowing and seeing how
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the business is working right now here in colorado, I
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have to say that I'm pretty sure they're struggling and
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even more now with the pandemic that we're going through.
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Thank you.