74.7 F
Park Forest
Sunday, July 3, 2022

Report: Growing Number Of Banks Are Providing Services To Cannabis-Related Businesses

marijuana dispensary products
Display at marijuana dispensary (Photo Credit: Sonya )Yruel/Drug Policy Alliance

Washington, DC—(ENEWSPF)—January 12, 2018

By: Justin Strekal, NORML Political Director

A growing number of banks and credit unions are providing financial services to marijuana-related businesses, according to data released by FinCEN (the US Treasury Department’s Financial Crimes Enforcement Network) and first publicized by MarijuanaMoment.net.

The report found that the number of financial institutions actively banking with marijuana-related businesses rose in 2017 from 340 in January to 400 by late September.

Although the federal classification of cannabis as a schedule I prohibited substance discourages banks from cooperating with state-licensed cannabis businesses, a 2014 US Treasury Department memo provided guidance to financial institutions wishing to transact with the marijuana industry.

However, last week the Justice Department rescinded that memo, along with all other prior memos related to cannabis policy issued by the Obama administration.

Legislation (the SAFE Banking Act) is currently pending before the House and Senate to explicitly permit banks and other institutions to engage in relationships with marijuana businesses without running afoul of federal law.

Source: www.norml.org

Recent Articles

Stay Connected

3,809FansLike
1,268FollowersFollow
572SubscribersSubscribe

- Local Advertisements -

ENEWSPF NEWS ALERTS

Currently Trending

Park Forest
clear sky
74.7 ° F
77.8 °
69.8 °
57 %
1.6mph
0 %
Sun
85 °
Mon
85 °
Tue
93 °
Wed
85 °
Thu
81 °

About Google Ads

The Google-supplied ads that appear on this website are not reviewed ahead of time and differ for each visitor. If anything offensive, inappropriate, or otherwise unwholesome appears, please notify us so we can take steps to block that specific advertiser. Email the URL or advertiser name to [email protected].