U.S. Justice Department Blindsided Banking Agency on Pot Policy Flip

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U.S. Justice Department Blindsided Banking Agency on Pot Policy Flip

Flickr / John Taylor / CC0 Creative Commons

When the U.S. Justice Department said last week it was reversing policy on the $7 billion marijuana business, it failed to first notify federal officials who advise banks in states where the drug is legal, sources in Congress said.

The announcement by U.S. Attorney General Jeff Sessions, a longtime critic of legalizing marijuana, caused confusion among banks about how to do business with marijuana growers, processors and distributors without running afoul of federal money laundering laws.

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