Green light: Feds issue marijuana banking rules

The Obama administration issued rules on Friday allowing banks to do business with state-licensed marijuana companies — a substantial move that should free pot businesses from the fear of federal prosecution and embolden states experimenting with marijuana legalization.
The guidance issued by the Justice Department and the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury, does not promise immunity for banks. But it suggests that the federal government is unlikely to pursue companies for money laundering and other banking crimes as long as they meet certain conditions.

Read more
Photo: AP Photo/Brennan Linsley

Green light: Feds issue marijuana banking rules

The Obama administration issued rules on Friday allowing banks to do business with state-licensed marijuana companies — a substantial move that should free pot businesses from the fear of federal prosecution and embolden states experimenting with marijuana legalization.

The guidance issued by the Justice Department and the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury, does not promise immunity for banks. But it suggests that the federal government is unlikely to pursue companies for money laundering and other banking crimes as long as they meet certain conditions.

Read more

Photo: AP Photo/Brennan Linsley

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