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Home 🌿 Marijuana Politics 🌿 Despite federal guidance, financial institutions hesitant to bank on cannabis businesses 🌿Despite federal guidance, financial institutions hesitant to bank on cannabis businesses
The U.S. Department of Justice (DOJ) and the Financial Crimes Enforcement Network (FinCEN) have both issued guidance intending to ease concerns that the federal government would target banks working with marijuana businesses with the goal of “enhancing the availability of financial services for marijuana businesses.” DOJ guidance has proved helpful in providing guidance for marijuana businesses to operate within specific state boundaries; however, the financial services industry remains uncertain about opening its doors to the marijuana industry.
As a result, in every state where it is legal, the marijuana industry remains almost entirely a cash business. Consequently, legitimate marijuana businesses are left without the financial resources and protection that banks provide. In this post, we explore the various roadblocks to free and open financial services to the marijuana industry and what has been or is being done to provide further assurances to the banking industry....
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