Perhaps one of the biggest challenges for medical marijuana dispensaries are the banks refusals to allow dispensaries to open business banking accounts. A simple item of business, but the banks refusals has forced the industry to be a cash only industry for the most part. This puts business at increased risks, robbery being one that is on most dispensary owners minds.
With the emergence of retail cannabis, this problematic challenge is bound to resurface unless the federal government steps in and eases the banks worries about excepting deposits from federally illegal business. It appears that the Obama administration is working towards a finalized solution.
The Obama administration will soon announce regulations to make it easier for banks to do business with legal marijuana sellers, Attorney General Eric Holder said Thursday. One particular problem has been the refusal of banks to deal with pot-related businesses out of fears they will be accused of violating money laundering laws.
“You don’t want just huge amounts of cash in these places. They want to be able to use the banking system,” Holder said during an appearance at the University of Virginia’s Miller Center.
Article Link: http://www.politico.com/blogs/under-the-radar/2014/01/holder-feds-to-let-banks-handle-pot-money-181777.html?utm_campaign=DD1-23-14&utm_medium=email&utm_source=newsletter&utm_content=READ%20THE%20FULL%20STORY&hp=l2