State Treasure Candidate Chris Telfer Has a Solution
Oregon voters overwhelming approved Ballot Measure 91 in 2014 legalizing the use of recreational marijuana. Since that time the legislature and Oregon Liquor Control Commission have worked to implement the new law with caution and consideration.
However, there still remains significant issues that must be addressed in order for this growing business to operate efficiently and safely in Oregon.
The sale and use of marijuana remains illegal federally so Oregon cannabis revenue cannot be banked in Oregon. This legitimate industry is thwarted due to inability to open banking accounts, rent office space and pay taxes. Without bank accounts there is no paper trail or accountability. Taxes are driven to Salem in cash with millions of dollars in $20 bills. Marijuana business owners are required to have all the bills facing the same direction and sorted by denomination — a very labor intensive and time consuming process with huge safety and security issues.
Oregon Department of Revenue deposits cannabis tax revenue as they don’t consider it drug money and yet they receive it all in cash since marijuana businesses are not accepted by banking institutions.
Oregon wouldn’t put any other business in this position. Especially a business that is taxed heavily and provides the state with important funds that help schools, public safety and the general fund.
Oregon’s next State Treasurer must take the lead in working with state regulators and the legislature to ensure Oregon provides a mechanism in which marijuana dispensaries have the means to safely and responsibly deposit their required tax payments and operate as a legitimate business. Leaving this aspect of the new marijuana law unaddressed is irresponsible and dangerous.
During the upcoming 2017 legislative session the Treasurer’s office should make it a priority to resolve this issue.
I would propose that we create a means by which marijuana dispensaries are able to deposit their revenue and tax obligations safely and securely. The state would be able to better manage and monitor incoming revenue streams and budget accordingly. By providing a legitimate depository for revenue cannabis owners can diversify and expand business opportunities creating additional jobs.
While several Oregon legislators have worked to push forward a national resolution on marijuana banking issues our state cannot wait for the federal government to take action.
The State Treasurer should take the lead in resolving these pressing discrepancies. To do so will take a Treasurer with business and accounting experience both in the legislative and the professional arenas. The issue affects should therefore be addressed in a manner whereby all Oregonians are taken into consideration when implementing regulations and proposed solutions .
My solution is to develop a depository (Oregon Vault) and then create a program I call BudBuddy for digitizing revenue especially for the cannabis businesses.
I believe if Oregonians elect a State Treasurer with the right experience and problem solving abilities, all Oregonians can benefit from the marijuana industry.
Chris Telfer CPA
Independent Candidate for Oregon State Treasurer
http://www.telferfortreasurer.com/
