Proposed U.S. Banking Solution For Marijuana May Fall A Little Short
In a very recent article in the Las Vegas Sun, written by Michael Blood of Associated Press, he discusses how, though some of the recent banking laws may have eased up for the marijuana industry, but the banks themselves are still fearful of coming under scrutiny themselves if they don’t follow up and ensure the “marijuana money” follows all the banking compliance rules and regulations.
“LOS ANGELES — A proposal in Congress to ease the U.S. ban on marijuana could encourage more banks to do business with cannabis companies, but it appears to fall short of a cure-all for an industry that must operate mainly as a cash business in a credit card world.
“Marijuana is legal in some form in about 30 states, but companies that grow or sell it often are locked out at banks. Their money isn’t wanted because the drug is illegal under federal law and transactions tied to pot proceeds could expose financial institutions to money-laundering charges.”