$CWNM One of the largest problems of the current m
Post# of 144482
Posted On: 02/03/2014 9:08:50 AM
$CWNM One of the largest problems of the current marijuana sector is banks are unwilling to deal with these companies "drug money" for fear of federal legal repercussions.
Banking news out of Washington, D.C. last week generated a great deal of excitement for those companies with legitimate businesses in the cannabis space, and the most recent might be the biggest news to date in the industry. Attorney General Eric Holder stated that the Obama administration will soon announce regulations to make it easier for banks to do business with legal marijuana businesses.
This represents a giant leap in what has been an all cash industry to date as it allows legitimate businesses to introduce banking which will clearly make doing business much easier and could signal further regulations on the way. It appears the administration may use the "safety concerns" angle of having large amounts of cash lying around to introduce regulations that allow legitimate businesses to deposit money into U.S. banks.
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