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Marijuana News

Marijuana Related Banking Voted in by the House

Today, the House had a vote to allow banks the ability to deal with marijuana related businesses.  With a vote, 236-18646 mostly GOP moderates and libertarian-tilting Republicans joined with all but seven Democrats to block the Treasury Department from implementing guidance, letting banks know how to report on their dealings with marijuana-related businesses without going off the deep end for federal money-laundering laws.  There thinking is for states that are recreational like Washington and Colorado this should be acceptable.  Don't let this fool everyone, not all banks will accept marijuana merchants such as marijuana dispensaries because it\'s still illegal with the government.  A lot of these banks still have a high risk % that the merchant will have to pay.  Because of the acceptance of banks, there will be less fraud and taxes paid to the government.  With dispensaries accepting credit cards, there will be less cash for crime.  One thing's for sure, it appears the government is going in the right direction with this vote.