Category: Baystreet Newswire
Company: Triumph IR
The Obama administration issued new rules today aimed to ease the concerns of banks wanting to deal with businesses that legally sell marijuana, something the nation's banks have so far declined to do.
The new rules, issued by the
As of late, Marijuana vendors operate strictly with cash, creating a tempting target for thieves.
Under the new regulations, banks wishing to conduct business with marijuana dealers must verify that they are properly licensed and must gather information about the types of products they sell and the nature of the customers they serve. Banks must also be on alert for any signs that the dealers are engaged in improper transactions.
Current rules require banks to notify federal regulators of suspicious activity by their customers, which currently would include any marijuana dealer because of the prohibitions under federal law. Under these new rules, the notices will still be required, but banks that believe a marijuana dealer is reputable will file a "marijuana limited" report.
If a bank believes a vendor is not behaving under guidelines, the bank should file a "marijuana priority" report, which could be based on such factors as greater revenue than local competitors or an inability to demonstrate that revenue is derived exclusively from legal sales.
"Every financial institution will have to make its own risk assessment and whether it makes businesses sense," said an administration official. "While it may not reassure every bank, we're proving an opening for those who want to serve this sector."
More information is coming out about the breaking development. Please check xtrmcannabisventures.com for updates.
Other Relevant Links
Legalization of Hemp
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The Company would like to assure all investors that in all cannabis related actions the Company is conferring with counsel to be sure any business activities are deemed legal. XTRM advises all investors to see the website being developed at http://xtrmcannabisventures.com/
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