After months of speculation, the Department of Justice and the Financial Crimes Enforcement Network (FinCEN) two weeks ago released new guidelines to banks and financial institutions on their relationship with state-legal cannabis businesses. As we discussed in our post, Feds Green Light Marijuana Banking, these new guidelines seem to give banks the green [pun intended] light to conduct banking business with marijuana business customers, subject to fairly stringent requirements that the bank monitor and report on those activities.
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Nothing much really new in this Fox News article, Colorado’s pot tax revenues could go up in smoke, says lawmaker, but it does a really nice job in laying out the banking issues legal cannabis businesses are facing. The article explains why the lack of banking for marijuana businesses is causing problems for both the businesses themselves and the states that would like to collect taxes on marijuana revenues. It also provides a concise update on where the federal government (as relayed by Eric Holder) stands on all this.
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