The marijuana industry just got a critical boost in its effort to become a massive and completely legitimate business.
On Friday, two federal law-enforcement agencies released coordinated statements clearing the way for banks to take deposits from and offer financial services to marijuana producers and retailers without fear of prosecution for money laundering.
To say that this will ignite a revolution in the still upstart industry would be an egregious understatement.
“It is imperative that this legal industry have access to banking the same as every other business sector,” said Mike Elliot, executive director of the Medical Marijuana Industry Group. “To continue doing business on a largely cash basis creates serious safety issues for owners, employees, and customers.”