Department of Justice Working to Allow, Regulate Transactions Between Banks, Cannabis Stores
U.S. Attorney General Eric Holder told the governors of Washington and Colorado in a phone call Thursday that the Department of Justice is “actively considering” ways to explicitly allow, and regulate transactions between banks and cannabis retail outlets in states where they’re legal.
This consideration, which will come as a surprise to many, is in huge contrast to current DEA policy which warns banks against transacting with marijuana businesses.
Representative Ed Perlmutter from Colorado is one of among numerous lawmakers that are calling for the government to deal with this banking issue, saying in a statement released yesterday that; “We need to address the public safety, crime and lost tax revenue associated when these legal and regulated businesses are operating in a cash-only system,” he continues, “We need to provide financial institutions certainty they can make their own business decisions related to legal, financial transactions without fear of regulatory penalties”.
Even before the Department of Justice figures out how to specifically allow and regulate these transactions, the recent announcement from the Obama Administration will likely open the door for more banks to begin transacting with medical cannabis businesses in states where they’re legal, now that the government isn’t planning to enforce federal law in states where cannabis is no longer illegal.