b.Blunt – Your state has finally legalized marijuana (in one form or another) and you’re ready to jump on the bandwagon and join the industry. Congratulations! Before you polish your resume and head for the grow-house there are a few surprising side-effects you may want to consider.
- You can’t obtain a bank loan
Your state has legalized marijuana, for medicinal and/or recreational use. However, in the eyes of the federal government marijuana is a Schedule 1 controlled substance, the sale and possession of which are illegal. That means that you, as a cannabis industry insider, are technically committing a federal crime by going into work each day. Your money cannot be held in federally insured banking institutions. As such, large lending companies are extremely unlikely to give you a loan because your cash is illegal for them to accept.
- Societal stigma
Is the use of marijuana and its subsequent culture becoming more mainstream? Absolutely. Does your grandma or next potential employer think it’s a great career field? Probably not. Whether you’re working in the industry or simply interested in the lifestyle, there is still an air of stigma around cannabis culture as a whole.
- Help with your taxes? Good luck!
As previously mentioned, cash from retail marijuana is not widely accepted due to federal regulations. As such, you may have a very difficult time finding an accountant or CPA who is willing and able to help you file your taxes. Your income is tainted and aiding you may require special consideration by any licensed CPA. Their regulations are so unclear that CPA’s have been advised to seek independent legal counsel prior to accepting any clients with marijuana related income.
Patricia Miller is a content marketer who specializes in adventure, culture, and travel. As an anthropologist she has a unique outlook on the diversity of the human condition and hopes to share that perspective with her readers.