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Dispensary Owner Risks Life to Pay Taxes
Author: Benjamin M. Adams 09/08/2017 - 21:04:00

Most Americans would never consider carrying $40,000 in cash from point A to point B, because they don’t want to be harmed. But dispensary-owner Jerred Kiloh runs the gauntlet once a month by driving through central Los Angeles with five-figure amounts of cash. 

Piles upon piles of cash coming from licensed cannabis dispensaries must be paid in-person at City Hall. Kiloh is fighting to end the discrimination of cannabis businesses from stubborn banking corporations that refuse to take part in California’s cannabis industry. 

Kiloh believes the cannabis industry is not being treated fairly. “I think that most businesses in Los Angeles and all across the United States are able to pay their taxes with a bank account,” Kiloh told WFSB. “Our industry has been vilified that our funds that we only collect in cash are not able to hold bank accounts.” Kiloh’s recreational cannabis shop pulls in about $15,000 per day. 

It is neither normal nor safe for business owners to be walking around with that much cash. Los Angeles City Council President Herb Wesson agrees. When January 1 comes around, the recreational adult-use market kicks in, and tax payments will increase. Experts project that the new market will bring in up to $1 billion in tax revenue.

Kiloh has installed 50 security cameras to protect himself in his office and hallways, while armed guards protect the dispensary like other California dispensaries. He also has to act as his own bank, utilizing safes and locks that other businesses would never have to worry about.

The city of Los Angeles is considering a city-owned bank that can provide services to cannabis businesses. Wesson laid out the plan on July 25 at the Los Angeles City Council meeting. The cannabis-friendly bank would also provide financing for affordable housing. Politicians across California agree that some solution must be worked out under the current circumstances.

Original article from ireadculture:Dispensary Owner Risks Life to Pay Taxes


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