Marijuana businesses optimistic about possibility of gaining access to banks

[kentuck]

http://gazette.com/marijuana-businesses-optimistic-about-possibility-of-gaining-access-to-banks/article/1513293

<snip>
Attorney General Eric Holder said Thursday the Obama administration plans new rules that would allow banks to do business with firms that sell marijuana legally, an announcement that brought cheers from the industry and Colorado Gov. John Hickenlooper, but a more cautious response from bankers.

"Everyone in the industry is thrilled with this information. The sooner it happens the better," said Judy Negley, co-owner of two Indispensary medical marijuana dispensaries in Colorado Springs. "We have been an all-cash business for a long time, and it has been a challenge not having banking services and those tools available to us."

According to a report in the New York Times, Holder said the government would soon offer rules to help marijuana businesses access the U.S. banking system. But it's unknown how far the rules will go toward opening up full banking services to the marijuana industry; the Times story said the rules would primarily tell prosecutors not to prioritize cases involving legal marijuana businesses that use banks.

Still, the announcement indicates the Obama administration acknowledges that marijuana has become a legal industry in some states, and people in the business face safety issues by having to operate primarily on a cash-only basis.

...more

[GeorgeGist]

1. Correction:

Banks optimistic about gaining access to marijuana money.