Banks Receive Federal Guidelines on Business Transactions from Legal Marijuana

The Obama administration has provided banks with federal guidelines for conducting banking transactions with legal marijuana sellers, enabling a legalized marijuana industry to operate in states that approve it.

Guidance issued last Friday by the Justice and Treasury departments is the latest step by the federal government to make banks feel more comfortable working with marijuana businesses that are licensed and regulated, reports The Intellegincer / Wheeling News Register.

Currently, processing money from marijuana sales puts federally insured banks at risk of being charged with drug racketeering, so many banks have refused to open accounts for marijuana-related businesses.

Full story of marijuana guideline for banks at drugfree.org

Published by

Will Savage

Quantum Units Continuing Education provides online CEU training's to licensed professional mental health therapists, counselors, social workers and nurses. Our blog provides updates in the field of news and research related to mental health and substance abuse treatment.