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* WIFR TV…
As Rockford’s push for a casino continues, at least one proposal appears to be in the works.
On Tuesday, Hard Rock International CEO Jim Allen and Cheap Trick guitarist Rick Nielsen plan to announce the proposed development of Hard Rock Casino in Rockford.
Allen and Nielsen will be at the former Clock Tower Resort at 7801 E. State Street. The announcement is expected around noon.
Nielsen has traveled to Springfield on behalf of his city at least a couple of times. Not sure if many people knew he was hoping to open a casino. But, hey, that looks like a pretty cool combination.
Nevada hopes to be the first state to create its own banking system for the booming marijuana industry, which has generated more than $150 million in tax revenue since 2017, according to Nevada Treasurer Zach Conine’s office.
Since the drug is still illegal under federal law, most banks won’t accept cannabis businesses as clients. As a result, the multimillion-dollar industry is mainly a cash business — at least for now.
Under a three-year pilot program, Nevada will allow marijuana businesses and consumers to deal in electronic tokens. The system will work much the same way as in in casinos, where players buy and bet with chips. “You exchange cash for casino chips and those chips transfer around the casino,” says Conine. “At the end, you convert them back into cash.”
The initial idea is for consumers and businesses to use an app to buy tokens, which could then be used at any marijuana business or for paying state and local government. Consumers could use them at dispensaries. Dispensaries could use those tokens to pay growers, who in turn could use tokens to pay a tax bill to the state. At that point, the state would convert the tokens back into dollars.
Pretty good idea.
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