Feds Will Grant Banking Rights to Marijuana Businesses
From Ring of Fire:
U.S. Attorney General Eric Holder said yesterday that the U.S. Treasury and Department of Justice will allow legal marijuana sellers to conduct business with banks and credit unions. The DOJ will provide operating guidelines to marijuana businesses and banks similar to those provided to Colorado and Washington.
Banks will now be able to deposit and withdraw money in and out of bank accounts, obtain loans, build credit, and accept debit and credit cards payments.
Banks did deny opening their doors to legal marijuana businesses for fear of being an accessory to perceived illegal activities such as money laundering. Having the DOJ’s blessing for such a relationship, banks can now rest assured that they can hold legal marijuana money without fear of law enforcement interaction. Holder said that barring legal marijuana business from financial institutions causes the pot sellers grave problems.
You can read the full article here at Ring of Fire.
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