WASHINGTON, Jan. 11, 2018 /Weed Wire/ — Colorado U.S. Senators Michael Bennet (D) and Cory Gardner (R) today sent a letter to the Financial Crimes Enforcement Network (“FinCEN”), urging it to retain its February 14, 2014 guidance for financial institutions that serve marijuana businesses.
Tag Archives: Financial Institutions
On Aug. 6, 2017, the National Conference of State Legislatures carved out 90 minutes during its summit in Boston for a panel on financial services for legal marijuana businesses, addressing efforts to move marijuana money from a cash-only model to a mainstream banking model.
With members of the industrial hemp industry facing unnecessary banking hurdles, several United States Senators have joined forces to urge the Department of Justice not to use funds to punish banks that do business with them.
It seems the advent of the Trump Administration has yet to dissuade banks from serving state-legal marijuana businesses. According to a marijuana banking update issued by the Financial Crimes Enforcement Network, a growing number of financial institutions are banking marijuana money in the United States.
In response to President Donald Trump’s nomination of Jeff Sessions for Attorney General, Illinois State Treasurer Michael Frerichs announced on Jan. 24, 2017, that he sent a letter to Trump urging him to issue clear guidance to banks on working with the legal marijuana industry.
OLYMPIA, Wash., June 15, 2016, /Weed Wire/ — Preparations made by state agencies, local government, law enforcement and prosecutors will help further a smooth merger of the unregulated medical marijuana market with the tightly regulated recreational system on July 1, 2016.
WASHINGTON, DC – The House of Representatives cast two votes today in support of opening up banking services to state-legal marijuana businesses. By a vote of 231-192, the House passed an amendment to the Financial Services appropriations bill, forbidding the use of federal funds to penalize financial institutions that serve marijuana businesses operating legally under state law.