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0 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Classifieds Jobs Autos Real Estate FEATURED » NEWS NOW Mail Tribune 100, Jan. 25, 1916 ... Wider stream buffers sought for southwest Oregon ... Since You Asked: Southern Oregon electric companies started in 1800s ... Mail Tribune 100, Jan. 25, 1916 ... Wider stream buffers sought for southwest Oregon ... Since You Asked: Southern Oregon electric companies started in 1800s ... OUR VIEW Our View: Let pot retailers use banks like everyone else Comment MailTribune.com Writer Posted Jan. 24, 2016 at 12:01 AM Posted Jan. 24, 2016 at 12:01 AM » Social News "You've got to carry weapons, 'cause you always carry cash" — "Smuggler's Blues" The line from Glenn Frey's 1984 hit song about the illegal drug trade has taken on a new significance in 2016, as newly legalized marijuana retailers are planning to drive up Interstate 5 with large amounts of cash to pay the state tax on their pot sales starting next month. One dispensary owner says he's a little apprehensive, but makes it clear that, yes, he will be armed: "We believe in our Second Amendment rights." It shouldn't have to be that way, but Oregon, Washington and Colorado are ahead of the rest of the country in legalizing the sale and use of recreational marijuana, and federal law hasn't caught up yet. As a result, banks are unwilling to accept deposits from marijuana businesses because the drug is still considered a Schedule I controlled substance under federal law. The state Department of Revenue and the IRS, of course, have never been known to turn down tax payments, and they aren't about to now. The IRS will accept cashier's checks in payment of taxes on income derived from marijuana sales. Oregon officials say they will gladly accept cash payments of the marijuana sales tax, which they will promptly put in a state bank account, because it's not considered drug money at that point. If it sounds as though the state is laundering the proceeds of drug sales, that's because it is, for all intents and purposes. Regardless of whether marijuana legalization was a good idea, it is now reality in Oregon, Alaska, Washington and Colorado, and other states are likely to follow sooner or later. One argument for legalization was to move marijuana out of the shadows and regulate it and tax it, with the aim of eclipsing the criminal black market and providing a source of revenue to state and local governments. There are efforts underway in Congress to allow banks to handle marijuana proceeds without penalty from federal banking regulators. That fix needs to happen, in part to eliminate the hypocrisy of the feds accepting tax payments from marijuana sales, while blocking banking access to those same merchants. Beyond that, without a fix, it will be only a matter of time before marijuana retailers become targets of criminals looking to rob them of their cash. If the state regulatory system is to work smoothly, it makes no sense to force retailers of a legal product to behave like drug smugglers on the state's highways. MailTribune.com Writer Posted Jan. 24, 2016 at 12:01 AM » Comment or view comments Reader Reaction » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Southern Oregon Directory Featured Businesses Loading... Business Name address Location, ST | website.com Find Southern Oregon Attractions Bars Restaurants Beauty Salons Entertainment Doctors Medical Specialists Contractors Education Lawn Services Lawyers Shopping Travel Tanning Used Cars Wedding Services ▼ Add your business here + Events Calendar Connect with MailTribune.com Facebook Twitter RSS Back to top Reader Services Reader Services Home Subscriptions Subscriber controls Contact us Submissions Photos Events Letters to the editor Corrections Announcements Obituaries Story ideas Since you asked Alerts Email Alerts RSS Feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Propel Marketing Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Mobile Site Stay Informed Email newsletter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Your privacy is important, read our privacy policy. © Copyright 2016 Local Media Group, Inc. All Rights Reserved. Privacy Policy | Terms of Service | Local Media Group Publications Original content available for non-commercial use under a Creative Commons license, except where noted. MailTribune.com | P.O. Box 1108, Medford, OR 97501