Marijuana Banking Regulations On The Way

[The General]

Attorney General Eric Holder says the Obama administration is planning to roll out regulations soon that would allow banks to do business with legal marijuana sellers. During an appearance Thursday at the University of Virginia, Holder said it is important from a law enforcement perspective to enable places that sell marijuana to have access to the banking system so they don't have large amounts of cash lying around.

Currently, processing money from marijuana sales puts federally insured banks at risk of drug racketeering charges. Because of the threat of criminal prosecution, financial institutions often refuse to let marijuana-related businesses open accounts. The issue has taken on some urgency now that Colorado and Washington have become the first states to legalize recreational use of marijuana.

News Moderator - The General @ 420 MAGAZINE ®
Source: Washingtonpost.com
Author: Associated Press
Contact: Frequently Asked Questions (FAQs)
Website: Marijuana banking regulations on the way - The Washington Post

 

[gone in apuff]

I can't see how they can do this and still have Federal Laws against it. It has to open the door for it to be legalized. Other wise they can't do this or the Federal Government is breaking their own laws as well... lmao

 

[Bonehead]

I can't see how they can do this and still have Federal Laws against it. It has to open the door for it to be legalized. Other wise they can't do this or the Federal Government is breaking their own laws as well... lmao

Not all banks/credit unions are insured by the federal gov't. This will be huge in the state of California where dispensaries who are following state-law can't get bank services for payroll, checking accounts and loans. If this is true, it will be great for the medical cannabis industry.