Banks Get A Primer On Pot Money

A team of nine “fact finders” are in Colorado to study the effects of marijuana legalization in that state.

DISTRICT OF COLUMBIA:  The Obama administration, taking the first regulatory step to accommodate the country’s growing state-approved marijuana businesses, issued guidelines Friday designed to bring dispensaries into the banking system and end their risky reliance on stashing large amounts of cash. The step was a cautious one, reflecting conflicting pressures on the administration. On one Read the full article…

Banking Marijuana Requires “Act Of Congress”

DISTRICT OF COLUMBIA:  Despite bankers’ varied attitudes about legalizing marijuana, now that it is legal in Colorado, banks are supportive of government efforts to permit financial services for marijuana businesses. However, numerous obstacles prevent banks from serving marijuana businesses and their customers as they conduct legal activities. Colorado can’t regulate or tax an industry for Read the full article…

Banking Marijuana Requires “Act Of Congress”

DISTRICT OF COLUMBIA:  Despite bankers’ varied attitudes about legalizing marijuana, now that it is legal in Colorado, banks are supportive of government efforts to permit financial services for marijuana businesses. However, numerous obstacles prevent banks from serving marijuana businesses and their customers as they conduct legal activities. Colorado can’t regulate or tax an industry for Read the full article…

Money And Marijuana: Still No Action From Feds, Washington's Heck Reports

"Every week that passes without new guidance, however, is another week the regulated marijuana markets in Washington and Colorado must operate on a cash-only basis.

WASHINGTON:  Washington Democratic Congressman Denny Heck today issued a statement concerning financial institutions and the business of legal marijuana. Heck’s office reported: “It has been over a year since Washington voters approved I-502. Since that time, officials in our state have worked tirelessly to uphold the will of the voters and implement this law safely and Read the full article…

Legal Pot States Banking On Thursday Secret Panel Meeting

Forcing legitimate businesses to operate on a cash-only basis without bank accounts is an invitation for robbery, tax evasion and organized crime.

DISTRICT OF COLUMBIA:  Aspiring legal marijuana producers and vendors in Colorado and Washington state have a lot riding on a closed-door meeting today held by an obscure Treasury Department group, which faces some interesting constitutional issues about a “growing” industry. The meeting in Washington, D.C., involves the Bank Secrecy Act Advisory Group, an advisory panel Read the full article…