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Feds To Soon Release Memo Giving OK To Marijuana Banking

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marijuana bankingCourtesy of The Joint Blog

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.

“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 theDepartment 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.”

Just last week, the Bank Secrecy Advisory Group held a meeting in D.C. to begin talks about reforming banking regulations so that banks can legally do business with cannabis outlets.

Thursday’s news follows a DOJ announcement in August that it is “actively considering” how to regulate interactions between banks and cannabis retail outlets that are operating in states where they’re legal.

Given that numerous retail outlets are planning to begin selling recreational cannabis in Colorado on January 1st, we expect further news on this issue to come sooner, rather than later.

Source: TheJointBlog.Com

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20 Comments

  1. Once this bill gets passed, the need for in-store credit cards will only be useful to a select few. (who do you know who doesn’t have a credit/debit card these days and why would you want to pay 10%?). The important part of the bill is that it allows growers/dispensaries to take out business loans. In currently legalized recreational states this will lead to rapid business expansion, increased market capability and larger amounts of cash flow for our country’s prized banking system. In states that have not passed recreational use it becomes the last straw pushing legislative support over the hill and into the promise land. Growers and dispensaries in CO built their business with CASH only – that takes a long time. Open banking allows companies to quickly and coercively establish their operations in a city, town or neighborhood with the use of a loan. This would be an enticing development for politicians and constituents on the fence. A quick and painless transition is important. The bill will also remove a legitimate concern – cash operations are a serious security threat, especially in this industry.

  2. I smoke alot of weed. But you all are some fools and need to stop smoking! Do you understand that marijuana will be legal in more than half the states in the next 3 years. Its not so they can track people, or seize money, why would they allow it, to seize money??? If they want to seize money, they are kickin in doors in states that its not legal. They are doing it for the principle, that everybody can make extra money off it. Since the government wont let most of these stores to make profit, these dispensaries are putting in alot of work, to not get paid very well, so now in return they are gonna allow you to have credit at the dispensaries, so you go grab an ounce on credit or the arm, and now you have a “credit” Bill with the dispensary, and now they can charge you money or interest until you pay them, like a credit card, and then these dispensaries and the government(of course), can make money and claim it, and can call themselves credit providers. How Great would it be if you walked in to your fav store, said hey i dont have any extra money this week but i really need my weeds man, and they say oh fill out this credit application and we can give you credit for our store, with a small interest payment of 10%, you can take some weeds home right NOW!!!!! I dont understand why nobody can understand what im screaming.

  3. In response to Sarijuana, the dispensaries want to set up there own credit, like a restaurant orders their product from a distributor and the distributor brings the order to them, and gives them time to pay the bill, at the same time the dispensary would charge you interest. If you truly smoke chronic, then you’ll know what the term “On the arm” or “Fronting” is. Same thing, and they want to issue credit cards thru the dispensaries, and charge you interest. If the government is considering it, obviously then it is a big moneymaker. So they charge you interest of 10% monthly, and the government probably makes 8% of it, and dispensaries make 2%. Crooked Government.

  4. No Corky, the dispensaries want to set up there own credit, like a restaurant orders their product from a distributor and the distributor brings the order to them, and gives them time to pay the bill, at the same time the dispensary would charge you interest. If you truly smoke chronic, then you’ll know what the term “On the arm” or “Fronting” is. Same thing, and they want to issue credit cards thru the dispensaries, and charge you interest. If the government is considering it, obviously then it is a big moneymaker. So they charge you interest of 10% monthly, and the government probably makes 8% of it, and dispensaries make 2%. Crooked Government.

  5. Not every dispensary takes credit cards… And I’m just wondering, does it have to do with the number of credit unions in New Mexico? Man, try to find a credit union in Houston, good luck.

  6. TCF BANK will close your account or not let you open one ,if they find out you have anything to do with growing or dealing with medical marihuana

  7. That seems right, but the name of the companies are right on the credit card statement. No one here is hiding anything. I’m gonna ask them and my banker. It is odd no one here seems to worry about it.

  8. HE returned me to relay this; ~ The “media” will not mention how CANNABIS is healing my brain injury when they interviewed me about getting brain damage from not wearing my helmet. So I changed tactics. I had a friend find non magnetic meteorite with a metal detector so I meditated on how GOLD was formed. Then made some. Again the “media” told me they will not air because will affect the worlds economy !
    All this is because I have been trying to let the world know THC heals brains !

  9. Yes it’s a big deal. You may be able to get an account by repeating “all legal purposes” when they ask what sort of business you’re running. No one will open an account for you if marijuana is in your answer

  10. I tend to agree that they will allow it yellow light. And turn the tables. To gather information which could be used against someone down the road.

  11. I’m not quite understanding this one. Here in NM all the dispensaries take credit cards. I’m not sure who they’re banking with. Maybe the local banks aren’t as fidgity about it. I’m puzzled. Is this really a big problem? Banks are in the business of making money, so it’s in their interest to do business with successful businesses. Does anyone have any personal experience, or know someone that can’t find a bank to accept marijuana business money? I wonder if this is as BIG as it’s been made out to be.

  12. I’m sure the banks are going to be completely satisfied with another “Ogden memo.” Telling them that no laws have been changed but prosecution is unlikely (but up to the discretion of individual prosecutors) should be all the banks need to hear. Our government really knows how to get things done!

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