The Marijuana Banking Conundrum
Recreational marijuana use is now legal in Colorado and Washington, and medical usage is legal in a number of other states. However, federally insured credit unions and banks that process monetary transactions resulting from marijuana sales could be at risk of violating federal drug racketeering laws. At a Senate hearing yesterday, Justice Department Deputy Attorney James Cole stated that the Department will work with the federal banking regulators to find a way that these financial institutions can conduct legitimate marijuana transactions without fear of prosecution. [9/11]