On a warm evening in the middle of January, Kemp handed out bottles of water and offered his guests the opportunity of a lifetime: to take hit after hit of hash oil off of one-of-a-kind glass pipes worth tens of thousands of dollars each.
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Not in Colorado, not in Washington, not anywhere. More than simply works how to make money on a bong website art, status-affirming trophies, or ways to get high, custom glass pipes have become ways for marijuana entrepreneurs shut out of legitimate financial institutions to invest their otherwise untouchable cash.
Most transactions involving bongs and rigs, which look like bongs but are used for vaporizing concentrates, happen off the books, among friends, at trade shows, or between connoisseurs who meet online.
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Then, anyone who paid five figures for a pipe using drug money, including dealers in states where weed is very illegal and businessmen in states with medical or recreational cannabis laws, can resell the same pipe with all of the appropriate receipts, paperwork, and taxes. Presto, change-o: Now the money how to make money use the internet clean.
I could trade half of these pipes within a day or two, if I wanted to. Via instagram.
And that happens a lot. Like how are you going to wash it out?
One California dispensary owner had never heard of the practice of collecting glass as assets, and rolled his eyes when he heard about it. Is there insurance for these things? First, Instagram and social media made it possible for prominent glass artists to build hype around their products beyond the tight-knit circle of established cannabis growers and dispensary owners.
Some of the extraction artists who produce hash oil on the West Coast told BuzzFeed News that bythey were pulling in tens of thousands of dollars a month. Soon, an informal underground pipe economy had sprung up adjacent to the cannabis market.
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Some people smoke out of it for two months and then sell it and make double their money. The feds are letting legalization go forward for now, but the current truce between the feds and the states might not last.
Depending on who wins the White House inmany bankers believe the current, relatively permissive environment toward legal weed could quickly come to an end.
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So in the meantime, high-end glassblowers find themselves in an oddly crucial position, manufacturing a form of gold bullion for the cannabis industry. Other pot shops are processing debit card purchases through something called cashless ATMs, which can avoid federal detection by classifying the money spent on cannabis as an ATM withdrawal.
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In the 12 years since actor Tommy Chong was arrested as part of Operation Pipe Dreams, a raid on 55 bong traffickers, the glassblowers who dominate the cannabis paraphernalia industry have sunk to a very low priority for the Department of Justice. There are only so many interested buyers and venues to sell through, and someone will undoubtedly recognize a custom piece, so the size of the community serves as a sort of insurance on your investment.
The same quality could also be incriminating, so most marijuana industry collectors asked BuzzFeed News to avoid describing the details of their best pipes.
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Of course, most canna-businesses would prefer not to keep their wealth in the form of glass, but even the semi-legitimate banking options that have emerged in the past year or two have proven unstable at best and illegal at worst. Givens, a former trial attorney from St.
Louis, developed a risk management program to help banks and marijuana businesses work together to follow the new rules. She said many ganjapreneurs would like to comply but are not willing to put forth the effort necessary to do so, especially when it comes to keeping meticulous records.
Most financial institutions remain rightfully wary.