State-Owned Bank Won't Work For Marijuana Cash

WASHINGTON:  Efforts by Washington state legislators to create a state-owned bank that would cater to the newly legal marijuana industry won’t work in Colorado — or in Washington, for that matter — industry and legal experts say.

That’s because federal law is specific in its prohibition against commercial banks from accepting deposits they suspect are the profits of illegal activity. And the marijuana trade in federal legal terms is still illegal. [Read more…]