$SING A group of 10 senators recently penned a le
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Posted On: 01/03/2017 9:43:30 AM
$SING A group of 10 senators recently penned a letter (http://nnw.fm/0Kbvs) to the U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN) encouraging guidance and changes that could ultimately open the door for banking services for legal cannabis businesses.
Among other key points, the letter explains that banking products and services to the cannabis industry will hedge businesses against unnecessary risks while benefiting the federal government.
"The fledgling legal market for marijuana is around $7 billion, a figure that's dwarfed by the overall billion US market, most of which remains illegal. This business environment is an invitation to tax fraud, robberies, money laundering, and organized crime … With tens of millions of Americans soon gaining legal access to marijuana under state laws, new guidance is necessary in order to allow banks to enhance the availability of financial services for indirect businesses that service the marijuana industry. This will not only bolster the safety of our communities, but it will also help to spur economic growth across the country," the three-page letter reads.
https://finance.yahoo.com/news/singlepoint-su...00698.html $FSLR $JASO $SPWR $APPL $ZAGG
Among other key points, the letter explains that banking products and services to the cannabis industry will hedge businesses against unnecessary risks while benefiting the federal government.
"The fledgling legal market for marijuana is around $7 billion, a figure that's dwarfed by the overall billion US market, most of which remains illegal. This business environment is an invitation to tax fraud, robberies, money laundering, and organized crime … With tens of millions of Americans soon gaining legal access to marijuana under state laws, new guidance is necessary in order to allow banks to enhance the availability of financial services for indirect businesses that service the marijuana industry. This will not only bolster the safety of our communities, but it will also help to spur economic growth across the country," the three-page letter reads.
https://finance.yahoo.com/news/singlepoint-su...00698.html $FSLR $JASO $SPWR $APPL $ZAGG
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