U.S. officials are drafting guidance for financial institutions concerned that accepting deposits from third-party companies serving state-licensed marijuana vendors may violate federal rules against money laundering, say sources.
Colorado's booming cannabis sector may be a boon for the state's coffers but it is proving to be a headache for banks, even when they don't maintain accounts for dispensaries.
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.
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.
Tasked to consider whether it can offer regulatory relief to the medical marijuana industry, the U.S. Treasury Department may have few options to persuade reluctant financial institutions to bank state-approved dispensaries.
Banks that maintain accounts for state-licensed medical marijuana dispensaries will not be the targets of federal prosecutions, the head of the U.S. Department of Justice said Thursday.
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