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Posts tagged: Initiative 502

What will happen when pot businesses still don’t have bank accounts?

Sunday the Spokesman Review jumps back into pot coverage, specifically how interested statewide and regional banks are in doing business with the I-502 industry that is being created after state voters legalized pot in Washington.

The story finds, a bit surprisingly, that all the large banks in Washington still don't like the idea that they set up accounts for licensed pot businesses. They said nothing has changed despite  recent announcement of federal guidelines for financial institutions to operate in that environment safely.

Also worth noting:  a West side legislator failed again in trying to convince the state to create a state bank expressly for the legal-pot trade. He said, “Unless we give the businesses a way to do banking here, the cash-only operation will be a dangerous way to go. It will be a magnet for organized crime,” said Sen. Bob Hasegawa, D-Beacon Hill.

Check the Sunday SR for the full story.



U.S. Attorney Ormsby will discuss pot selling at Valley breakfast Friday

The Greater Spokane Valley Chamber of Commerce is setting a Friday morning breakfast topic on the minds of a lot of people

Namely, how frienldy wil the Valley be to new businesses who will want to grown and legally sell marijuana?

The featured speaker is someone whose opinion on the legality of pot sales here is important, U.S. Attorney Mike Ormsby. He'll be the main person at the “Marijuana: Budding Business or Bad Idea” session starting at 7 a.m. Friday at Mirabeua Park Hotel.

The event is part of the Valley's Business Connections Breakfast.

Ormsby is likely to discuss the status of the federal laws with regard to the new Washington State law that resulted from voter approval of Initiative 502, which legalized and allows regulation of the sale of marijuana in the Evergreen State.

The breakfast starts at 6:30 a.m. Reservations may be made online or by calling (509)924-4994.  Admission to the Business Connections Breakfast is $25 per member and $35 per non-member.

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The Spokesman-Review business team follows economic development in Spokane and the Inland Northwest.

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Alison Boggs (@alisonboggs) Online Producer Alison Boggs posts and manages content on and its social networking accounts.

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Scott Maben Scott Maben is a Deputy City Editor who covers North Idaho news and higher education.

Addy Hatch is the city editor, and formerly was business editor.

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