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Published on Friday, February 14, 2014

Feds provide guidance on banking laws for marijuana businesses

The Federal Department of Justice (DOJ) and Treasury Department just announced new guidelines for banks regarding banking for marijuana businesses. Federal prohibitions have generally made it difficult if not impossible for marijuana businesses to qualify for banking services. As a result many have operated on a cash basis including paying taxes in cash. The cash-based business model has been a concern because it could be a magnet for crime and make it hard to track and audit the businesses. The federal guidance is not a change in federal law so it may not satisfy all of the banking concerns, but it will give banks some additional options to consider.

Press release

Categories: Marijuana
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