WASHINGTON: Banking remains a thorny issue for legal marijuana businesses, but regulators in Washington state are trying to make it easier for financial institutions to track their pot-related customers.
In the last few days, the state’s Liquor Control Board has started posting the sales activity of legal marijuana growers, sellers and processers online — along with any warnings or fines issued to businesses caught out of compliance.
Board spokesman Brian Smith says the idea is to make it easy for banks or credit unions to discover red flags that might indicate illegal activity. Early this year, the U.S. Justice and Treasury Departments gave banks the OK to do business with legal marijuana entities with conditions, including trying to make sure the customers are complying with regulations.
So far, data has been posted online for last month. It shows two marijuana growers were issued fines totaling $8,500.