Big U.S. Banks Seek New Clarity On Risks Of Marijuana-Linked Accounts

MISSOURI: Major banks are getting increasingly wary of some transactions with smaller banks that have begun to allow marijuana businesses to open accounts. Officials at the bigger institutions say they fear being in breach of anti-money laundering laws and are pressing federal authorities to make it clear what is legitimate and what is illegal. The problem arises because Read the full article…

Colorado Lawmakers Shy Away From Pot Bank

COLORADO:  A Colorado plan to set up the world’s first financial system for marijuana survived less than 24 hours before state lawmakers changed course Thursday night and shelved the idea. The proposal would have allowed state-licensed marijuana businesses to create a financial co-op, sort of an uninsured credit union. The measure was introduced late Wednesday Read the full article…

Treasury Defends Rules On Banks, Marijuana Sellers

DISTRICT OF COLUMBIA: Treasury Secretary Jack Lew on Tuesday defended the Obama administration’s guidelines to banks conducting transactions with legal marijuana sellers as congressional Republicans questioned whether the guidance amounts to tacit federal approval of a drug illegal in most states. The Justice and Treasury departments issued a roadmap in February that would allow the new Read the full article…

Shunned By Banks, Colorado Pot Retailers Beef Up Security To Protect Cash

COLORADO:  In Colorado, sales of recreational pot have been legal for nearly two months, but federal law still brings a major obstacle: Banks won’t take the money. Marijuana retailers are going to great lengths to keep their cash safe. As marijuana green makes a lot of that other green, it can be both good news Read the full article…

Buying Marijuana With A Credit Card Just Got Easier

The recently released guidelines from the Department of Justice and Treasury are being heralded as finally giving the go-ahead to banks to allow the legalized marijuana industry to bank like any other enterprise. Basically, the government declared that chasing those involved with the newly legal pot business is definitely not at the top of its priority Read the full article…

A Marijuana Tidal Wave?

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 Read the full article…

The Feds’ Scary Reassurances To Banks That Deal With State-Licensed Marijuana Businesses

DISTRICT OF COLUMBIA:  On Friday the Treasury Department and the Justice Department issued guidelines for banks that do business with state-licensed marijuana suppliers. According to Attorney General Eric Holder, the aim of the memos is to reassure financial institutions that are leery of accepting cannabusinesses as customers because they worry it will attract unwanted attention from federal regulators and prosecutors. Read the full article…

US Government Issues Rules For Banks On Dealing With Legal Marijuana Vendors

DISTRICT OF COLUMBIA:  The Obama administration issued new rules Friday intended to ease the concerns of banks wanting to deal with businesses that legally sell marijuana, something the nation’s banks have so far declined to do. The rules, issued by the Treasury and Justice Departments, are intended to “move from the shadows the historically covert 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…