Obama issues guidelines for banks on funds from legal marijuana sales

[Newsjock]

Source: Los Angeles Times

The Obama administration issued guidance to prosecutors and banks Friday meant to make it easier for legal marijuana sellers to open bank accounts.

But the guidance fell short of giving banks carte blanche to get involved in a business that is legal in some states for medical or recreational purposes but is still illegal under federal law.

A memo issued Friday by Atty. Gen. Eric H. Holder Jr. to all federal prosecutors said that prosecution may not be appropriate for banks dealing with marijuana sellers if they are operating legally in their states and stay away from red zones, such as the sale of the drug to minors or across state lines. The banks must also follow new Treasury Department procedures.

... Officials who were close to the decision announced Friday but not authorized to speak publicly said that unless Congress acts to change federal law it is unlikely the Obama administration would go further.

Read more: http://www.latimes.com/nation/politics/politicsnow/la-pn-obama-guidelines-banks-marijuana-20140214,0,5097534.story

[Sunlei]

1. Thank you President Obama. 'Cash business only' increases crime.

[SamKnause]

2. Exasperated

The banks are allowed to launder drug money.

They pay a fine and continue on as if nothing happened.

A licensed cannabis business has to jump through hoops.

I am so sick of the assholes in DC.

The "best and the brightest" are fucking this country up at every opportunity.

They should all receive an award for arrogant ignorance.

[kenichol]

4. I keep thinking that as marijuana becomes legal

It will go through the legal and regulated-but-poorly-so channels instead of the totally unregulated channels. Sort of like, these are baby steps in the right direction of baby steps.

[kenichol]

3. I hadn't realized what a problem it is becoming until I read the Time article

http://content.time.com/time/magazine/article/0,9171,2162916,00.html

[otherone]

6. thanks for the link

I'mma check it out

[Jesus Malverde]

5. bump... nt

[Ruby the Liberal]

7. He doesn't need congress to reschedule it.

Just sayin.

[Cha]

8. Thanks Obama!