There’s hypocrisy and then there’s what happened to the CEO of MassRoots in Las Vegas Recently.
Per Leafly
Isaac Dietrich, CEO of Denver-based social media platform MassRoots and one the investors who recently purchased controlling interest in High Times magazine and its affiliated businesses, signed up for Wynn Resorts’ Red Card reward program while gambling at the Las Vegas casino last week. Wynn’s Red Card program promises exclusive rates and promotions. Dietrich instead received a red card of a different sort — ejection from the casino.
“I can confirm that I was permanently banned from gambling at Wynn Resorts on June 7, 2017, due to my role as chairman and CEO of a publicly-traded technology company focused on the cannabis sector,” Dietrich told Leafly in an email today.
that I was permanently banned from gambling at Wynn Resorts on June 7, 2017, due to my role as chairman and CEO of a publicly-traded technology company focused on the cannabis sector,” Dietrich told Leafly in an email today.
In a June 7 email to Wynn Resorts’ compliance officer noting that MassRoots’ stock is traded by many of the same institutions that have holdings in Wynn Resorts, Dietrich explained that MassRoots is a technology company that does not deal directly in cannabis.
A response to Dietrich’s email, apparently from Wynn Resorts’ compliance officer Larry Whelan, begged to differ.
“If I recall correctly, the customer due diligence procedures required by the Wynn Las Vegas compliance program identified your business as a marijuana related entity that derives its income from marijuana businesses. Unfortunately, this puts your source of wealth in the marijuana field – as your business is being paid with proceeds from the sale of marijuana.
“Our regulatory requirements are not limited to identifying businesses that facilitate the sale of marijuana – we are obligated to identify the source of wealth of our customers to ensure the funds have been lawfully earned.
“The ‘state vs. federal’ debate will continue at much higher levels than this email. Until that debate is clearly resolved with respect to the Bank Secrecy Act, the Wynn Las Vegas leadership team has chosen to take the more conservative approach.”
Lets all get this understood. This is a city that was built on Mob money, that still in many ways finds illegal activity funding the lives of many in the city of Las Vegas. Yet they pick this to have a problem with?
