The cannabis industry has long been hindered by the inability to establish a legal bank account. This has driven the industry to be largely cash only, forcing medical dispensaries to figure out how to deal with large amounts of cash. This changed when the Department of Justice gave the “Yellow Light” for banks to start accepting cannabis accounts.
The Department of Justice having issued the Cole memo and having signaled to Treasury that they would be willing to see some accommodation in the banking regulations, is working with FinCEN in Treasury,” stated Jack Finlas, chief legal counsel for Colorado Gov. John Hickenlooper.
This step represents not only a safer industry for canna-business owners, but also the Federal Government’s continued effort to adjust policies as retail cannabis sets to hit the market.