What’s up everybody? It’s Justin Live from B2B Vault, the Payment Technology Podcast sponsored by Nationwide Payment Systems. With your host, Allen Kopelman, and we’ll be providing you educational information about small business, FinTech, payment processing, and the technology businesses are using in the world today.
And in today’s podcast, we’re gonna be talking about cannabis and it’s still stuck in limbo. The market is not going anywhere. No one knows what to do. The go. Tried. Biden tried. He, They’re kicking the can down the road. Yeah. Literally they’re kicking rocks at each other and it’s ridiculous. I don’t know what really I stopped paying attention, I could say.
The biggest shocker was that, Biden passed this law. They made a whole big deal about it. And then it came. A few days later that it only affected around 2,800 people. Something like that. And then over the weekend I read a story, and in the story it said that all outta all these 2,800 people, nobody’s getting outta jail.
I was like, What? How’s that possible that no one’s getting outta jail? No one’s getting outta jail because the only thing he pardoned people for was possession of marijuana. Nobody’s in, in federal prison for possession. So I was telling my father about this. Yeah. I was like, how much cannabis do you have to, for it to be a federal case?
And if it is a federal case, how is it a simple possession charge? That’s what I said. I did not, I was like, when they announced the whole thing, I. That’s just pandering, so I could see how it would affect it on a state level. Yeah. If he forced the gu, the states to release everyone who was on Yeah.
Like currently in county or whatever for it. But, I, as soon as he said the Feds, I was like, I just didn’t understand it. That’s what I said. I was like, and then they were interviewing some guy and he’s in jail and he is I should be outta jail. He goes, I got convicted on this whatever for growing a bunch of plants or something.
One of the guys. So that’s what I said to my dad too, was like, Was is that, But that’s the no, it. That’s not possession either. That’s no, he had the, whatever. The guy had a lot of weed. Yeah. I don’t remember how much, but I was reading the story and I was like, Man, that’s just outta control. What are they doing?
Meanwhile, they got all these laws ping ponging back and forth. Yeah. We have the Safe banking act. Which is gone nowhere. Just pass the thing, Already send it to the, They have enough votes to send it to the floor in the house. Yeah. But they’re not doing. So they need to just send it to the floor.
Everybody vote on it. Here we are. We’re in this massive recession. We got tax. Def, big tax, tax problems. They could be taxing this cannabis transactions and making money. Plus all these people making money off cannabis are not paying any federal income tax in both cases.
It sounds this. Straight up. Cause some of them don’t have bank accounts, and stuff like that. And that’s very dangerous that these businesses are not, can’t get a bank account. I was reading an article and was talking about, there’s this company called Green Check verified and they have compliance services, but they’ve only have like less than a hundred banks or around a hundred banks signed up for their thing.
And what does that even. Oh, so it the, basically the way the law reads right now, it’s not illegal for a bank. Let’s say you had a cannabis dispenser. , it’s not illegal for the bank to open up a bank account for you, but to have to ha have compliance. So compliance means that you have software in your business that’s tracking that all the marijuana you’re buying is legal.
and you’re selling it, and then you’re accounting for your inventory and your sales and all that, making it a compliant business. But you have to have compliant services. So in order to have compliance services, banks have to have a compliance department to make sure, Oh, Justin’s. Dispensary is compliant.
Alan’s dispensary’s compliant, Rocky’s dispensary’s compliant, so on and so forth. They have to have these compliant services that go out and check this stuff. So then they say, Oh yeah Justin’s compliant. And probably part of that is providing reports on a monthly basis to the bank. showing them that you have all your inventory and everything is accounted for.
And then on the other side of it, there’s no. Possible way for the dispensary owner to pay taxes, federal income tax on all the money they’re making, so they’re not even paying taxes on most of the money they make. It’s a little crazy. It just seems that, like with all the states legalizing it, just figure it out already and stop playing around it’s just like a ping pong ball, going back and forth for a couple of decades.
Logistically, I’m sure it’s a nightmare for people who are serving time in jail for marijuana possession. People who are on probation and people who are sitting in the county jail. Yeah. For all the states that are left who haven’t passed, like some sort of law. Yeah. Decriminalized. But the problem is that even though they pass some of the laws, some of the people that are actually like in jail, Or not getting out, They’re not letting him outta jail.
That’s what I’m saying. That’s why, that’s my point. Like logistically that has to be a nightmare. Yeah. For the state itself to try and figure out a way of, Cause. I’m sure that it’s even hard to even know who’s in there for what, right? Exactly. Yeah, because not only that, somebody’s in there and they got cannabis possession, right?
Yeah. But then they did other stuff too. Yeah. They could be on a parole violation. Yeah. Weapons charge, who knows. That’s what I’m saying. It’s not that simple, but you. People use. I remember when I was a kid, right? If you had a one do beyond you, because, but that’s, I could take you to jail. But now, but there’s no one in jail.
I highly doubt. There’s anyone cert serving time for a simple possession case right now, right? Yeah. I don’t believe it. No. That, I mean, unless no, they might somewhere in South Dakota. No, there was that lady who Trump got outta. That the, There was a lady and she was selling marijuana. I’m saying that have just got.
Like yesterday, Oh, they got pulled over, whatever. And no, that’s not happening now. But I’m saying there people in jail, I’m sure it happens every once in a while, but there’s people who are in jail from years ago, right? Who got caught with weed or. Yeah, there was a one lady then the Kardashians, or who was that?
They got, there’s a bunch of guys. They got out and Trump got him outta jail and was like some lady, and she did 20 years in jail for selling. It’s like he did, There’s a guy that just got out he did 30 something years in jail in Louisiana for two joints. Yeah, it’s crazy. It’s not right.
It’s totally wrong, and then they were talking about also in a couple of the articles I was reading, these cannabis business. How do they get paid? So right now, like they, people either come in with cash, there’s one company called Can Pay. They said they only have a hundred thousand customers that use that, and it basically transfers money from your bank account to the.
Dispensary’s bank account. But at that, the legality of that’s not a hundred percent legal. Plus it’s not easy to do. That sounds shady. And there’s a bunch of those kind of apps around doing that. People don’t like to use ’em because you have to take money from your bank account, then put it with that company, then take the money from there, move it.
So it’s a complicated transaction and most people just pay cash. Dude, dispensary is. To take cash. That’s what, Yeah, they take cash. That’s their main form of payment is cash. The other thing is it the end of 2021? So basically, and the beginning of this year, and also most recently, Visa put out.
A whole Ana, they put out a warning to banks. So the banks are the ones where like they’re the one processing transactions, right? So they put out a warning about these cashless ATMs saying these cashless ATMs are in violation of. Cores, Visa’s, core rules and visa’s, product rules. And then there was a couple of lawyers that in the article, I don’t want to quote any of them, but they basically said, Oh, this only applies if the card was being processed through any networks that are owned by Visa or MasterCard.
Now they own a bunch of the networks like the Plus network. , the Maestro Network, those are owned by Visa, MasterCard, right? And they say that the fine could be up to $2,500 per day. And the other thing is that a lot of these cashless ATMs are at businesses and they’re being miscoded. Let’s say you had a dispensary, but next door is a convenience.
So they set up the cashless ATM with the address of the convenience store. So that’s not, that’s in violation of rules too, by, you’re disguising where the machine is, and they just basically don’t want these machines out there anymore. And then somebody else wrote about the same thing that as long as the card has a Visa logo or a MasterCard logo, it shouldn’t be used for a cannabis transaction.
And that’s basically what Visa’s talking about, that it’s in violation of the. Violation of their rules, but that is just so confusing. Visa’s never clear. They don’t come out and go, Oh, you can’t do this. You can’t. Plus it’s hard to stop. Like you program an atm. So there are companies out there, they take a credit card machine, they put, you could load encryption keys into the machine.
, I don’t wanna say how to do it. And then you can set up programming, but basically you have to lie to your provider. If I wanted to do it, I would’ve to lie to my provider and then program these machines and put ’em around, but I’d be too scared to do it. I would put be putting out, putting all my business at risk.
Yeah. Yeah, exactly. Why would you want to put your business at risk? Now there are solutions so you can get like an ATM put into your business. Like we work with one of our banks. As long as you have to sign all these cannabis disclosures. Oh, it’s, we get their license and all that. We’re not using their money.
We’re using our money. And putting it in the machine. And then they can do that. And we’re also working on a program to possibly put, which we saw at the ATM show, those cash recyclers Oh dude. Into the cannabis business. And then as long as they have a bank account, they could load money into these.
Put a recycler in there or a couple of recyclers the way some of these places take a ton of cash and then have their funds electronically deposit. And then the armored car would come pick up the cash. That would solve a lot of problems. I, yeah, man, I’m just waiting for it to happen there.
Apparently, like the banks are, the couple of the banks that work with the cash recycling company are talking about it. Why do they have to talk about it? Because they gotta come up with the legal mumbo jumbo of how they’re gonna do it. That’s what it always, everyone, it is always, I get it.
Because people are, they’re, money laundering. No, but the thing is are they gonna take just the cash you’re generating in your business? Are they also gonna allow the dispensary to start bringing some legacy cash? And taking that legacy Cash too, or is it just gonna be from this day forward?
So that’s what they have to. Make it easy. That’s what I say. Press the easy button. Cause even now it’s dangerous. Let’s say you have a dispenser. Yeah. Why would you wanna let ’em bring legacy cash? Don’t let ’em do, Come on. Okay. That’s kinda open the door for a little, for money laundering.
Yeah. So my point is this Dispense. And also it’s not just dangerous for the dispensary business, it’s dangerous for everybody they deal with. So let’s say a supplier comes, right? It’s dangerous for the customer too, right? But I’m saying supplier comes, right? He needs to get paid. They don’t, they’re not gonna pay the guy with a credit card, just gonna whip out some cash and pay the guy.
Then let’s say now you gotta go downtown and you gotta pay your sales tax at the end of the month. You’re gonna take a bunch of money, put it in a suitcase, hire two dudes with guns, right? Go down to the sales tax office and go, Here’s your no thanks. Now, it’s dangerous for the sales tax, right?
I bet they don’t have a cash recycler. They need one. Then what do they do? Then? Somebody there has to call the armored car to come and pick up all the money. It’s just dangerous all the way around. Solve the problem already, yeah. These cash recycling machines could solve a lot of problems because then the money gets picked up by all the car.
Why wouldn’t fed just open a. Like it’s the Fed Bank. They control, they have the bank. I know, but I’m saying like a cannabis bank, like it, This bank is only for the federal government are gonna run it. But the, and that’s it. There can be no other bank. You can’t get a different bank account anywhere else.
But the problem comes down to compliance. They need to figure out like, Hey, who’s gonna do the compliance? And then just do it and then just make the decision. Your legacy cash. Sorry, we’re not touching it. The, your new cash from this day forward, we’re gonna touch, but some of these guys have millions of dollars, hidden in private banks and stuff like that.
Like in California, they busted a. Safe. This place that was in a mall, right? Had a bunch of safety deposit boxes in there. Apparently there was several people who had cannabis businesses that had massive safety deposit boxes in there with money in it. And they, the FBI took the money. They got the money back because Did they?
Yeah. Good, good. They got a lawyer and they got the money back cuz they said, No, that’s proceeds from our business. You can’t just go in. . They opened up all the safety deposit boxes and took everybody’s cash. That’s a private bank. That’s ridiculous. I’m just saying that the feds are, That’s what I’m saying.
Just legalize it. Forget about all this. Tax it. Tax it. Collect the taxes. Like dude, you let everybody pay their income tax. Can you imagine all of the shit, sorry, of stuff that the feds have gotten over the years from the war on drugs. Yeah, tons of stuff. Probably Airplane to come on, man. It’s, I saw, I was gotten a, you’ve been going in a goody bag for the past 40 years.
Dude, give a, I remember when I was living down, when I came down here to Miami once, when I was visiting, I was living in Atlanta and I came down here and they were having an auction down in Miami. I was like, Man, what are they? They were auctioning off houses, boats, yachts, planes, Lambos trains, Ferrari, automobile, everything, cars all from people they arrested for drug deal dealing.
I was like, Man, this is insane. Like my friend took me, we went to the auction. I was like, Wow, this is like insane. Like people are just buying all this stuff. Yeah, it’s crazy man. It’s, they’ve just gotta figure it out. But if you have a dispensary, you want to get an ATM in there, we can help you with that.
Once we figure out this cash recycling thing that if this one of the banks we work with decide, two of them are talking about it, two banks, they’re talking about it. And an allow. And the armored car company too. Cause the recycling thing, like at the end of the day, they got cash and they just throw it into Yeah, they just put it in the recycler.
It would count it And then they can’t open it though, right? No, they can’t open it. The business can’t open it. If things, secured to the, to floor, probably locked in a room, maybe. And then they would just put their cash in there, would count it, and then electronically at some point in the day, it would say, Oh, at four o’clock in the afternoon we’re gonna, whatever’s in there, they’re gonna electronically deposit it to their bank again.
Then when the machine is full, probably hold a couple, some of them. Mean, some of them look like they could hold a few hundred grand, right? Yeah. The big one holding. Yeah. That big one, like who knows that they probably quarter mill in that joint man. Then they would just come by with the armored car.
unlock it, take all the money at it’s already counted. They take it to the, they take it to the armored car place, count the money. . And then when it refills again. But meanwhile, the business, it’s a it’s a win-win for them because they’re not having to take this money anywhere and it’s actually going into a bank account that, that Yeah.
Man. When that guy. It’s like running through all of the possibilities of what it could do. Yeah, that was, I even thought it was great for a lot of businesses, let’s say you had a convenience store and you don’t want to go to the bank, or let’s say you go to the, you had a a bar and you have a lot of cash in your bar.
Any kind of business where there’s a lot of cash, It would work great. And then you just put, they gotta work out everything. Cause I was asking them questions, How much is it? Can we lease it to the bus? Lease it to them? Yeah. It’s very expensive. What’s the service charge to come pick up the money?
Then they’re like, we gotta work all that out. Yeah. Cause you know, no one’s gonna buy. Some of those things were 10, 20, 30. 40. Yeah. The one was 50. No, like the big whole giant thing where you got to atm. Yeah. And then the cash recycler, there was like 40 to 50 grand. And then that was the biggest one. Yeah. But I’m just saying. You have to do a cost analysis, put it in someplace, see exactly like how that’s gonna run, how it’s gonna work, how often, when the armored car goes there, how much are they gonna charge for each pickup? But listen, for these businesses, it’s gonna be worth it, we were talking about it for strip clubs. Yeah, strip club, any kind of bar that has a lot of cash in it. And you don’t wanna. You don’t have, you don’t want to have it just sitting in a safe somewhere. Yeah. Then you don’t gotta pay the ATM company anymore, just no, the, You’re still paying the ATM company.
They come and fill it. They gotta come out and service the machine anyway. So somebody’s servicing the, Not as often. The idea, the idea would be too, is let’s say you had an ATM company, they might be the one to supply the cash. For the whole thing. So they’re like putting the cash in the machine.
Right? . So that’s part of the whole, That’s what they gotta figure out. Let’s say we, you give a club a hundred thousand dollars loaded in the atm, then they have to take the money, put it in the cash recycler, and then they take the money from the cash recycler, put it back in the atm. Who’s gonna do that?
The club, Or you’re gonna have no, you gotta have ATM company, right? The ATM company’s gonna come out once a week and go. Go empty the cash recycler and put it in the atm, but meanwhile, the club doesn’t have to take that money to the bank. Cause basically they got, people took the money out of the atm, now they spent it.
Right now they’re putting it back in the cash recycler. And. Then it’s go getting deposited into their bank account cuz that’s their profits and then it’s going back into the ATM machine. It’s like they gotta figure out the pro, the business process of that. There are other businesses related to the cannabis business.
So cannabis seeds, cannabis. Doctors where they give people the card cannabis related products. So we’ve recently gotten some of the, like we just recently got one guy with a seed website. Approved for a merchant account. The bank is allowing that. We’ve had, we have a bunch of these cannabis doctors.
Yeah. I gotta approach yesterday about some seeds. Nevermind. We’ll talk about that later. Yeah. And then cannabis related products, like people that sell bongs and rolling papers and all that. We’ve gotten them merchant accounts before too, for wholesale, wholesaling of products. Like we have one guy that sells special marijuana pipes.
. And then also he sells a thing that will test the marijuana. So you put it in the special. And then it’ll tell you like the potency of the marijuana or something. I don’t know. There’s all kinds of stuff out there. Yeah, man. And then, other things that are related in the industry is, C B, D and CRA and I get approached by these cram guys all the time.
We have a bank that’ll take cram, but all these cram guys come to me and they’re on the match. Ah. And then, if you are on the match list for, let’s say cbd, but you have a big business, like you have some decent cash flow, there are some banks now that, that are pretty open to taking those businesses, Move your money to that bank.
Yeah. Like you’re gonna have to cough up, put some money on deposit there. We’re working with somebody. What kind of, for with the cannabis seed, what kind of merchant account did I need for that regular merchant account from, just from a specific check the website, make sure the website doesn’t have any, What kind of documentation do they need for seeds?
Any? Not really. They just need, they don’t, There’s no test for seeds. So there’s no test on it. It’s not marijuana until it’s him. Until it until it hatches. So they just look at the website to make sure they’re like, they’re not selling somebody. I’m sure there’s some limits, like they can’t be selling somebody, 500 pounds of marijuana seed.
Or maybe they can, I don’t know. Just saying that they’re, The guy got approved. It was like a website. They were selling like little baggies full of marijuana scenes. I guess some people, there’s a lot of states where you’re allowed to grow marijuana. Yeah. So does PayPal let you, No way.
PayPal? No, I didn’t think so. No. There’s a, there’s some banks that are gearing up for legalization of marijuana and allowing it to be, process the credit cards. There’s companies, there’s one company from Canada came to the us, set up a US office. They’re waiting, they have the compliance software and everything.
Really? Yeah. So it, Yeah, cuz what it does is records, like your driver’s license and all that. I just think that the federal government needs to take. There’s a lot of laws where they go, Oh, it’s up to the state. It’s up to the state. It’s up to the state. It’s up to the state. It’s up to the state. Stop saying it’s up to the states.
Just okay, step up to the plate, make a decision. Come up with, look at all the laws across all the states, right? Come to some kind of consensus. , I don’t wanna mention any laws cuz everybody will get upset about, different ones, but I’m just saying, come up with a consensus and go, this is what we should be doing.
They don’t think about things in a business manner. And that’s why the federal government’s messed up. Because if they would just take a more business approach to it, right? And go, Okay, from a business standpoint, how should we do this? But they don’t think about it. And I look at some of these people who are in office, I’m like, Man, these people never ran any kind of business.
I think like Ron DeSantis. Yeah. Yeah. That he was involved in some business I don’t even know how, like they had this bridge, they had these three or four bridges over there on the west coast of Florida. Completely dis, one of them was completely destroyed. Okay. One going to this little island.
Man, I don’t know, in three or four days, this guy has all three bridges. Fixed granite. You can’t drive, a gazillion car. It’s one car at a time, going across the bridge. They got the, now they’re shoring it up and Yeah. Fixing it. But I’m saying like now they were able to get.
Fp and l trucks over there to fix the electricity. Or try to fix the electricity. I have a friend of mine whose house is on Sandal Island. I was like, What are you gonna have to do? And they said we’re either gonna have to sell the house or we’re gonna have to build it up cuz it’s not on still, they’re gonna have to put their house on stilts.
Another one of my friend’s house was on saying Abel. They were, their house was on stilts. Nothing happened to the inside of their house. House survived, like the whole thing. It was probably built over 20 years ago. Nice. Up on stilts, but whatever was down on the bottom, audio, that’s all gone. All the, Yeah, all the bushes, everything.
Landscaping stuff. The landscaping’s gone, The pool got the, jacked up, the air con, they didn’t have the air. They had the air conditioner up in the air. Not on the ground up. Smart. Tucked underneath the tucked on. Tucked on the thing. On a deck. Yeah. Like facing west, like behind the house up.
I’ve seen that before. So they had Yeah, everything like, totally secured, even like the pool pumps and all that was all up. So nothing got completely messed up. , that’s what you gotta do. Like pictures of the beach and it’s all, it’s all stuff is all gone and then you see, all of a sudden you see this couple of bill, couple of houses up on the stilts still there, even up in the panhandle we saw that too.
The other issue is, which we did a podcast, we’ve done a couple of podcasts. Real quick before you get into that. Yeah. If for the cannabis seeds Got what? Or like where do they go for on our site? Oh, go to the NPS bank.com site. , click apply now. Fill out that or set up an appointment and we’ll talk on the phone.
All right. And explain it. To explain to them. We can even get ’em like a pre-approval. We just send the website over to the bank, say, Hey, will you approve this merchant? They say, Yes, we give you a list. They ask for everything. Bank statements, okay, Cuz All right, so they got seeds, they have papers, and they have.
Bongs, I think a bong. Yeah. They can get approved. Does that fall under one banquet? Is that No, that’s one. One account. The place that will take the seeds to take all that stuff. Okay. I got websites selling, rolling papers, pipes, all kinds of stuff. Listen, there’s a bank for just about everything.
Like we had a guy come to us that sells flavored vapes, couldn’t get a merchant account. Whatever. We have one bank, that’s it. They’ll take it, but they check all the language on the site. They gave us a list of products, the guy to get rid of. That’s what happens. You just don’t want, merchants always think, Oh, I’ll just send the bank something URL like, , Oh, baby clothes.com and put a bunch of fake stuff on there, and then they’re gonna really go sell all this other stuff and then the bank catches ’em.
You end up on the match list and then you’re done for five, six years. So don’t do that. Like we’ve did a thing. What, they fa or they just get set up with a virtual terminal from PayPal, stripe, or Square. Then they find out what you’re selling. You get shut off. And they keep your money. And they keep your money and good luck trying to get them on the phone.
Yeah. I was dealing with trying to get your money back. I was dealing with, I’m dealing with a guy now who we’re helping get on a bank that a CBD business squares holding like 250 grand of their money. 250,000 of their money. They’ve had it for two years. They don’t know how to get it back.
They got some lawyer. I was like, I don’t know. I said, I could give you the name of another lawyer. It’s worth a phone call. Find out. Do they know who to talk to over there? I don’t know the answer. We have people all the time. I have another guy who’s in a crypto business, right? They had a merchant account from First Data and First Data.
Didn’t know that they were selling crypto. So First data found out they were selling crypto. Yeah. That didn’t go well. And holding their money now for two years also. How much money is that? A couple hundred grand. Yeah. And they didn’t know who to call. They tried. They got a lawyer, so I sent them to another attorney to go talk to them.
I told ’em, I said, First thing is if you get on the match list, the one thing you don’t want to do is close your bank. Do not close that bank account if you’re on the match list, because if and when you do get your money back, they’re not writing you out a check. They’re gonna send it back to your business bank account related to that Federal tax ID number.
And if it’s closed, yeah, then, And you have to go get it reopened and you haven’t kept up the corporation and all that. No, don’t do that. People always make that mistake. Oh, the bank’s holding my money. I’ll close the account. Okay. Take all the money out , leave 10 bucks in. , or 50 bucks or whatever, a hundred bucks.
But don’t go and de close the account cuz when it’s time to get your money. I know somebody else now they’re trying to get their money back. I told them what to do. Now they’re getting the money back about 40 grand. Nice. But they gotta go get a bank account open first. So now they’re working on reinstating the corporation that they let go for two years, open up the bank account and they’re gonna get the 40 grand back.
Yeah. They don’t let people don’t know. And I gave them that advice for free. I’m not even, don’t know if they’re, hopefully. Send me a gift certificate, something I just explained to them who to call and I said, the 180 days or 280 days, whatever they wanna ever, what, whatever was in the contract is up.
But now you need to call them on the phone and say, I want my money. But I told them what was gonna. . They called me back. They go, How did you know? I’m doing this 20 years. I know exactly how it works. Don’t do that. When that happens, do not do that. Yeah. The thing you, We did the whole thing. We did a whole podcast.
What did we talk about? The what to do, PayPal, stripe, and square. What happens when you don’t communicate to the bank and they close your account, or one of those companies closes your account? Don’t close that bank account because you’re not. If and when you get the money back, they can’t just keep the money.
Okay. They’re holding the money in lieu of getting chargebacks or fines or whatever. Most of the time they’re not gonna get a fine cuz they closed you down. And if they say they got a fine, tell ’em to prove that they got a file. Show it to me. I know somebody, they got into a lawsuit.
where somebody said, Oh, your, their point of sale was breached. About 10 or 12 years ago, and then they called us and I said we can initiate an investigation. So we contacted a local company to investigate their point of sale system. But we charged them that to get a scan and all that. Then that company has connections.
So they called up Visa and MasterCard said, Hey, we scan this system. We didn’t find anything. They say this processor’s holding blah, blah, blah of their money and the bank. Then the Visa said, no, there’s no record of them getting fined or having a breach. So they got, so then, People got that information and they got their money.
They got their money back. Nice. It took, they had to get a lawyer cuz they were dealing with somebody that was not on the up and up. There’s what, you know the most banks, they don’t want their, what are they gonna do with it? Or your money ends up on that website? What’s that? The Florida has a website called the.
The treasure hunt. You can put unclaimed money in Florida. Oh, really? It’s run by the state of Florida. I went on there once and for my business partner, I found a couple thousand bucks on there. Nice. His parents probably sent him he found out what it was. They sent him like a western union of money and he never went and picked it up.
Oh. Two or three times. Yeah, I found money on there once a couple thousand dollars. It turned out that when I rented an apartment one time the people wouldn’t gimme back my deposit. And then I was at. Apparently the, they closed, whatever. There was some must have been some records or something, and I ended up getting the money back several years later.
Yeah, stuff can pop up on there all the time. Could be, You paid a bill, the bill wasn’t due. Then the company couldn’t find you. You moved, and then it ends up, Or they’re holding, maybe you put a deposit down on your electricity 10 years ago. Oh, and they lost your phone number. You changed your number.
Now they can’t get ahold of you. For whatever, Which doesn’t make sense, but I’ve seen it on there. I’ve seen it on there for all kinds of different, all kinds of different stuff. I’m sure like unclaimed money insurance. Yeah, Insurance you paid and or something like that, that I had money from that too, like I paid an insurance and then I canceled it.
Then they didn’t give me back all my money and then, For whatever reason, whatever it was, a couple hundred bucks, whatever. It’s free money. Yeah. Yes. So don’t you know, Don’t you know when you need to an account for a difficult kind of business? Like you have a cannabis dispensary, you want to put in an atm, do it the right way.
You don’t want to end up on the match list. You’re selling all these other items. Cbd. You have to make sure all your tests are up to date, within a year. I was telling them that yesterday. Yeah. Cannabis. Same thing. The bank’s just gonna look at the language on the site. That’s what it’s all about.
What language is on there? Are they comfortable with it or do you need to change anything? You have to change something. They’re gonna tell you like, Oh, we don’t like the way this is worded. It’s the same thing with nutraceutical products. Erectile dysfunction products, vitamin products, anything you can’t have promises on there.
There’s too many eyes on all the, these businesses. You got the, you have the U S D A. They’re looking at anything related to cannabis and cbd. You got the fda, Federal Drug Administration looking at it. Yep. The dea, the ftc, which is the Federal Trade Commiss. They just went, they went crazy LA last week.
And now the, we talked about on another podcast, the the c the Consumer Financial Protection Bureau. Yeah. And now they got slapped around by the court? Yes, they did. Because they said, Oh, hold on a second. You can’t make up all these rules cuz there’s no oversight, so you can’t make a law. So now all of that’s getting kicked back to Congress.
Good. And now Congress is gonna have to figure it out instead of trying to make up some these agencies, right? Like the consumer financial production agency. And then they don’t have. There’s no oversight. There’s no laws. They’re just making, and then they’re just making stuff up. No one, Yeah. Stuff up that they’re No, or that’s ridiculous. Yeah. They’re making stuff up as they go along. They just had shot down over the weekend. Was we discussed before, was this loan forgiveness program. So now the court’s, two or three courts already shot it down saying, No, if you want to do this, loan forgiveness, you have to go to Congress, you have to go get it passed.
Can’t. Say to a private bank, Oh, this is forgiven. Now I have problems with student loan, the whole student loan industry. So my main problem with it is number one, like you have these state colleges. , Okay. That stuff needs to be like you live in a state, whatever. There needs to be like affordable college.
You pay a lot of tax, property tax and all that. There needs to be affordable college. If your child grew up in a state, you should be able to ha get some. I’m just saying, I don’t know. I’m just saying they gotta figure it out. College should be free. I’m just saying they. To a point. Yeah. They should.
They should check. We’re the like only place in the world that pays for school. But I’m just saying like other things are like having trade schools available so people can, there’s a shortage, like you need a handyman. It’s ridiculous. You call 10 people. To find one guy that can come out and fix stuff.
Yeah. That’s a good paying job. The guy who comes around here to go fix stuff, he makes a lot of money. I bet you. I don’t wanna say how much he makes. It’s too much . I’m just saying, because there’s other people are unreliable, so you’re willing to pay more for a reliable person. And then the other thing is you have these career college.
and I think that those colleges, some of them have gone outta business. IT T Tech, There was this Art Institute company, there was a bunch of them, Johnson and Wales, and then they go outta business and kids change their major, then they make ’em take out new loans. Like all of that has to stop. Like these loan practices that they allow and that happens at regular college.
My daughter had a friend, right? Yeah. He went to University of Florida. He was majoring in whatever chem business. Then he changed to engineering. . Then they made him take out another loan. No, the score already got the money. Who cares that he got money for this? Now he is gonna go to school for that.
Use the same money. Like why is the person have to take out more loans? I think some of the loan practices are predator. Oh, it’s super predatory, right? And especially like these when I went to school, man. Dude. No, but like that, it t college, they just got in a whole bunch of trouble.
And there’s a few other of these career colleges that are all getting in trouble because they gave the, they made these kids take out huge loans for hundred, 150, 200 grand, right? And these kids didn’t understand what they’re, they’ll never make that money back in their field. They’re never gonna make that money back.
And they did it because, oh, you got a loan for 50 grand to go for nursing. You didn’t like nursing. Now you want to be a med. So now you gotta take out another 50 grand loan, right? That stuff, that’s the kind of stuff where, No, but that’s where I point out where the government needs to set things up so that businesses, private businesses or even state run businesses or whatever, can’t do that kind of stuff.
Same thing with cannabis. Get real, got the financial committee in the house. Maxine Waters is on there. You got John Rose. We’re trying to get on the podcast. Then on the opposite side of the Senate, there’s, they got two or three committees over there. The Financial committee, the judiciary committee, some other committee.
The, What’s that one? I forget the one guy’s name. He’s trying to come up with some other stuff. Forget all these, all these BS bills. Just concentrate on one thing. Safe Banking Act. Yeah, just get that done. The Safe Banking Act is pretty important. Just get it done already. Safe Banking Act, everybody should.
Should go write your congressperson, whoever represents you in the house, whoever re represents you in the Senate, send them a an email. They all have, write an email, then just go to their website and copy and paste it. Say vote. Voting’s coming up. So yeah, Voting’s coming up, you gotta look at what everybody, I always tell everybody, Don’t vote on personality and all this and blah, blah, blah.
And it’s complicated things. Vote for people who actually like, look at the policies that they wanna that they stand, that they’re standing up for, what kind of policies they have and are they really gonna, how does it affect you? And are they really gonna deal with them?
That’s it. Not, there’s a lot of stuff. That’s been out there for years and years that they’re not dealing with. Don’t worry about that stuff cuz they’re never gonna deal with it. Don’t even get excited about it when they start talking about it. A lot of the stuff that’s, especially in the commercials now, Congress, that some of these problems have been around for 20, 30, 40, 50 years that haven’t dealt with it.
They’re not gonna deal with it, so don’t worry about it. What we need to worry about is these economic. And how those are gonna be dealt with from the economic standpoint of getting things straight in the United States of America, getting stuff like Safe Banking Act. They’re not, you don’t see commercial, I’m, Marco Rubio and I’m gonna pass to Safe Banking Act.
Where Marco? Where’s that commercial? , you don’t see his opponent talking about it either that lady, Val Deming, whatever her name is, they’re on TV talking about all kinds of esoteric stuff that doesn’t matter. What matters are the laws that are gonna change things to make things better from an economic standpoint.
Is what everybody needs to be concentrating on, not worry about these other things. Those things. If the right people are in Washington they’ll vote they’ll wrap their head around this stuff and get it done. Yes. But right now, the economy is number one, not emptying out the oil reserve.
That’s stupid. I don’t agree with that drill . Geez. Gotta do something. Be ener. United States needs to be energy independent. You’re turning it into a politic podcast. No. No, I’m not. Okay, so that’s the podcast for today. We covered that. We talked about cannabis, the Safe Banking Act, we talked about.
Hopefully some of the things that are being worked on by some of the banks that we work with to get better services to help these cannabis businesses. How you can get approved for C B D account, Cannabis seeds, cannabis doctors for cards. We talked about cannabis related products. Create. Match list.
Don’t get on the match list. Stay off the match list. Stay off the match list. Stay in contact with your credit card processor. So that’s today’s podcast. Find us everywhere at B2B Vault. We’re on all the podcasts. Instagram, Facebook, Twitter, LinkedIn, you name it. We’re on social media. We’re on Apple Podcast, Google Podcast, Amazon iHeartRadio.
Yeah, visit the website, B2B vault.info. Sign up for our newsletter. You can also get an appointment. Text the word book to 8 2 7 9 8 1 8 9 5 4 9 5 4 8 2 7 9 8 1 8. Yep. Text the word book. You’ll get back a link. You can set up an appointment with us and we’ll get whatev. We’ll talk to you about what? You won.
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what? Don’t worry. Be happy.