The U.S. Justice Department's plan to pursue harsher sentences against drug traffickers and other narcotics-related activity should prompt financial institutions to reassess the risks posed by providing services to state-authorized cannabis businesses, say sources.
As federal and state officials continue down the road toward relaxing cannabis restrictions, banks have questions beyond simply whether they can accept marijuana dispensaries as clients. They wonder whether less direct financial ties to the businesses could be cause for concern too.
The U.S. Justice Department issued a memorandum ordering all U.S. attorneys and Justice Department employees to follow well-established general principles on marijuana enforcement and rescinding marijuana enforcement guidance documents from 2009 through 2014.
January 4, 2018
print