[WSBARP] Depositing cash for marijuana sale to trust account.

[Craig Gourley]

Thanks Claudia,  I am not looking to be the test case in these matters even though Paul has assured me he would visit during my incarceration.  The comments have been pretty much as I expected but since this the first time I have encountered this situation I wanted see if those smarter and more informed than myself had a solution.   After 33 years of real estate practice I find it interesting and frankly surprising the number of my clients, friends and colleges that have gone into the biz.  I have seen a number of 1031 exchanges from traditional investment vehicles ( mobile home parks, commercial retail etc) into multi million dollar grow and processing facilities.  Given the millions that the government is  raking in from taxes, I think its here to stay and they will eventually come up with a solution for the banking side.   Now that they have a taste of the money, I can't see the government pushing it back underground. By way of example, look at all the casinos, lottery etc.   I am just going to have him give the borrower the boxes of cash and record he security instruments.  The Borrower can pay the contractors in cash, which they will probably love!

________________________________
From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> on behalf of Claudia A Gowan <claudia at cagowanlaw.com>
Sent: Thursday, April 20, 2017 10:37:23 PM
To: WSBA Real Property Listserv
Subject: Re: [WSBARP] Depositing cash for marijuana sale to trust account.

Just an added comment - credit to a colleague who practices appellate criminal defense - while certain marijuana sales, production and operations may be legal under state law, they are not legal under federal law. It is the direction of the current federal administration that should be factored into the equation when analyzing risk, the legal issues raised and our own culpability/liability (for lack of a better word).

Best, Claudia

Claudia A Gowan, PLLC


-------- Original message --------
From: Steven Sanford <steve at sanfordlawpllc.com>
Date: 4/20/17 7:51 PM (GMT-08:00)
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Depositing cash for marijuana sale to trust account.

I would run from this.

Steve

Steven C. Sanford│Attorney
Sanford Law, PLLC
5400 Carillon Point
Bldg 5000, 4th Flr
Kirkland, WA 98033
steve at sanfordlawpllc.com<mailto:steve at sanfordlawpllc.com>
Phone: 206 486 0727
Cell:      206 849 6567
Fax:       206 792 7879

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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of John M. Riley III
Sent: Thursday, April 20, 2017 12:18
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] Depositing cash for marijuana sale to trust account.

Please respond to  list.


John M. Riley III
Principal | Witherspoon • Kelley
JMR at witherspoonkelley.com<mailto:JMR at witherspoonkelley.com> | Attorney Profile <http://www.witherspoonkelley.com/john-riley-1> | vCard<http://www.witherspoonkelley.com/s/jmr.vcf>
[WK]


422 W. Riverside Ave, Ste 1100
Spokane, WA 99201
(509) 624-5265 (office)
(509) 458-2728 (fax)
witherspoonkelley.com


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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Craig Gourley
Sent: Thursday, April 20, 2017 11:54 AM
To: wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Depositing cash for marijuana sale to trust account.

Listmates.  I have a client that is in the business of legally growing marijuana.  He wants to loan a friend money to construct a new commercial building.  Loan will be about $1,000,000.  Client has this in cash because apparently, he can’t deposit it in a bank due to its source being the grow operation.   Does anyone have any experience with this type of scenario?  We will need to deposit the money into our trust account and then fund the loan and record a DOT against the real estate.  I don’t want to get accused of some sort of money laundering or other nonsense so I am hoping someone may have already researched this issue.   Thank you in advance.  Craig

Gourley Law Group
Snohomish Escrow
The Exchange Connection

1002 10th Street / PO Box 1091
Snohomish, WA 98291

360.568.5065
360.568.8092  fax
Craig at glgmail.com<mailto:Craig at glgmail.com>

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