Feds to Soon Release Memo Giving OK to Cannabis Banking

Cannabis businesses wanting the ability to bank legitimately are likely to get at least a “yellow light” allowing them to do so¬†as soon as the new year, says Jack Finlaw, Chief Legal Counsel for Colorado Governor John Hickenlooper. cannabismoney

“What we’re being told,” says Finlaw, “is probably in the first quarter of 2014 there will be some guidance issued that’s comparable to the Cole memo from the Department of Justice that will give, maybe not a green light, but a yellow light to banks to allow them to do business [with cannabis businesses] — to take deposits, to set up checking accounts, to set up small business loans, to allow these businesses to accept purchases through debit cards or credit cards, to allow what normal businesses are allowed to do.”

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Colorado Governor Calls for Over $7 Million to Fund Cannabis-Related Research

In his 2014 budget proposal Colorado Governor John Hickenlooper is calling for over $7 million in funding for “legitimate” studies examining the medical benefits of cannabis.colorado Under the proposal, grants sized between $500,000 and $1 million would be distributed to universities, research hospitals, foundations and so forth, in order to study cannabis’ effect on conditions such as epilepsy, and post-traumatic stress disorder..

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