#1659 - Q&A: Alternative banking for cannabis products?
Side Hustle School
Chris Guillebeau
4.7 • 3.3K Ratings
🗓️ 17 July 2021
⏱️ ? minutes
🧾️ Download transcript
Summary
In many jurisdictions, sellers of medical and recreational marijuana have a huge problem: they can’t keep their money in a bank. If you don’t want to carry all your money around in duffel bags, what’s to be done?
Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week. 🎧
Show notes: SideHustleSchool.com
Email: team@sidehustleschool.com
Be on the show: SideHustleSchool.com/questions
Connect on Twitter: @chrisguillebeau
Connect on Instagram: @193countries
Visit Chris's main site: ChrisGuillebeau.com
If you're enjoying the show, please pass it along! It's free and has been published every single day since January 1, 2017. We're also very grateful for your five-star ratings—it shows that people are listening and looking forward to new episodes. 😎 🙏🏼
To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy
Learn more about your ad choices. Visit https://podcastchoices.com/adchoices
Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.
Show notes: SideHustleSchool.com
Email: team@sidehustleschool.com
Be on the show: SideHustleSchool.com/questions
Connect on Instagram: @193countries
Visit Chris's main site: ChrisGuillebeau.com
Read A Year of Mental Health: yearofmentalhealth.com
If you're enjoying the show, please pass it along! It's free and has been published every single day since January 1, 2017. We're also very grateful for your five-star ratings—it shows that people are listening and looking forward to new episodes. 😎 🙏🏼
Hosted on Acast. See acast.com/privacy for more information.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | If you do business in the cannabis industry, where do you keep your money? |
| 0:09.0 | Even if you don't do business in the cannabis industry, this is really interesting because |
| 0:12.9 | it is a big problem, at least in the US. |
| 0:16.2 | Other countries like Canada that have wisely taken a federal approach to legalization |
| 0:20.9 | have fewer problems, although it's still not easy for legally approved sellers to conduct |
| 0:24.8 | their banking. |
| 0:25.8 | Here in the US, most US states that have legalized medical and or recreational marijuana, |
| 0:31.2 | they have an even bigger problem because they often have to operate in an all-cash economy. |
| 0:35.8 | And why is that a problem? |
| 0:36.8 | I don't know, haven't you seen a Netflix show about money laundering or drug dealers? |
| 0:41.2 | It's tough, and this is legal, just to be clear. |
| 0:43.3 | We're talking about something legal. |
| 0:44.9 | They have very high taxes, and need to take tens of thousands of dollars in cash, often |
| 0:49.7 | in these large Tupperware jars or duffel bags to the state office to pay those taxes. |
| 0:54.1 | They're at risk of being robbed, because if you're a robber, this is a pretty lucrative |
| 0:57.8 | target for you. |
| 0:58.8 | You know they're going to have a lot of cash. |
| 1:00.4 | Not to mention the fact that most of us don't want to keep all of our money in cash under |
| 1:03.7 | our mattress. |
| 1:04.7 | Lots of issues there, and these people are trying to operate illegal business and pay those |
| 1:09.3 | taxes and everything, but it's really difficult without a bank account. |
| 1:12.8 | That's what today's color is wondering about, and they're actually not even selling cannabis |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Chris Guillebeau, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Chris Guillebeau and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.