"Today's announcement makes it significantly safer to regulate and operate the voter-approved legitimate marijuana markets in
Legitimate marijuana businesses will no longer be forced to operate as cash-only businesses, a circumstance which has made them highly vulnerable to robbery and other criminal activities.
Instead, these businesses will have access to a full range of banking services. These services include accepting credit cards, direct depositing payroll checks, and more.
Federal regulators, especially those at the
There is still, however, more to do. Regulators must implement this new guidance in a timely manner. Even then, state and federal laws will remain in conflict with one another, and some financial institutions will continue to decline to provide banking services to legitimate marijuana businesses.
The only way we can come to a complete resolution of this issue is by passing the Marijuana Businesses Access to Banking Act, which Rep. Perlmutter and I introduced last July. This bipartisan bill deserves a hearing this spring, before more states move to create their own legitimate marijuana markets."
TNS 30TacordaCheng-140215-4638887 30TacordaCheng
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