Banks Balk On Marijuana Money Despite U.S. Guidelines

DISTRICT OF COLUMBIA:  The Obama administration has sent a message to the nation’s bankers: Even though the sale of marijuana is a federal crime, they can provide service to this new industry without fear of prosecution, but only if the bankers follow a detailed list of guidelines.

Many praised the move as giving financial institutions “the green light” to finally serve the multibillion dollar cannabis industry. But the nation’s bankers don’t see it that way.

They say the guidance from the Department of Justice and the Department of Treasury doesn’t change the fact that possession or distribution of marijuana violates federal law, and any bank that supports those illegal activities could be prosecuted or sanctioned.

 

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