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The U.S. Justice Department will draft a plan to more effectively discern whether state and local governments are effectively enforcing federal priorities for state-licensed cannabis sales, a governmental watchdog said Monday.
A little-noticed amendment to a U.S. appropriations bill could do what lawmakers and lobbying groups alike have failed to do: ensure that banks don't pay for taking on state-licensed cannabis companies.
Even after the expected signing of a Colorado state measure clearing the way for marijuana dispensaries to bank themselves, the companies will face a long slog to acceptance by financial institutions.
The nation's financial intelligence unit will weigh whether additional guidance is needed on how banks should treat clients tangentially or directly associated with state-sanctioned marijuana dispensaries, according to sources.
Leaders of the U.S. Senate Caucus on International Narcotics Control sharply criticized the head of the nation's financial intelligence unit for issuing guidance on how banks can treat marijuana dispensaries.
A number of marijuana dispensaries are attempting to convert their profits into securities and other investments to hedge against the threat of having their bank accounts frozen and subjected to federal asset forfeiture proceedings, say sources.
