Sentences with phrase «bank legal marijuana»
The financial industry will need more than a few signals from the White House that it's safe to bank legal marijuana businesses.
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Billions of dollars are expected to flow through California's legitimate marijuana industry next year when recreational pot becomes legal, but most of those businesses won't be able to use banks.
Federal law all but requires legal marijuana to operate strictly in cash, while in Canada banks are helping that nation's cannabis industry boom.
(Last month a federal bill was introduced that would shield banks from potential liability for serving legal marijuana businesses.)
The federal government issued guidelines in February 2014 for states where marijuana is legal, including banking regulations, but most banks seem unwilling to take advantage of them.
Should federal tolerance for legal marijuana one day end, bank accounts full of marijuana profits may be seized, he said.
«Currently, under federal banking laws, many legal, regulated legitimate marijuana businesses — operating legally according to state law — are prevented from maintaining bank accounts and accessing financial products like any other business, such as accepting credit cards, depositing revenues or writing checks to meet payroll or pay taxes,» Perlmutter said.
The U.S. Justice Department's decision to turn a blind eye to the enforcement of federal marijuana laws in states that authorize medical or even recreational use of the drug eventually may make it easier to use credit cards for such transactions, but a banking ban on legal pot sellers remains intact for now.
Rob Rowe, a lawyer with the American Bankers Association, said on Wednesday that while the «industry certainly appreciates any additional guidance on the ability to bank marijuana dispensaries in states where use is legal, it really doesn't change the fundamental prohibition.»
Also marijuana sales (where legal for medical or personal use) is usually strictly cash (perhaps BitCoin is accepted) because banks won't allow accounts or CC services.
The federal government on Friday issued guidelines for banks seeking to do business with the legal marijuana industry, stopping short of a blanket immunity for them, but strongly indicating that prosecutions for such crimes as money laundering would be unlikely.
NPR's Yuki Noguchi reports that the Department of Justice and Treasury Department on Friday sought to «clarify rules for banks trying to navigate the murky legal waters of the marijuana business.
Last Friday, the federal government released guidelines for banks to conduct business with the $ 1.5 - billion - a-year legal marijuana industry.
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Businesses dealing with cryptocurrency and legal marijuana have had accounts closed and been refused banking services pursuant to a practice labeled «pre-risking» by bank executives.
PotCoin aims to provide an ultra-secure digital cryptocurrency, network and banking solution for the legal marijuana industry.
Seven states so far have legalized cannabis for recreational use and medical marijuana is legal in 21 other states, but federally - funded banks can not serve the needs of cannabis - related businesses, because it is still an illegal drug under federal law.
When MBank announced in January that they would accept accounts from marijuana - industry customers, it briefly seemed as though the banking problems for the newly legal industry in Colorado might finally have a solution.
Despite memos issued by the Federal Treasury and Justice Departments, there continues to be controversy and disagreements within the banking industry over whether or not banks can accept money or make loans to participants in legal marijuana businesses.