The Obama administration took the unprecedented step Friday of clearing the way for banks to do limited business with marijuana sellers, releasing guidelines for how financial institutions can work with pot shops in states where it's legal.
The move immediately was greeted with relief from the budding marijuana industry. Before the guidance, banks largely had avoided the new pot shops in Colorado for fear of federal prosecution -- leaving marijuana sellers running cash-only operations.
"This is a huge victory for our members, our communities, and the banks that take this opportunity to serve a thriving new market," National Cannabis Industry Association director Aaron Smith said in a statement. "No legitimate business should be forced to manage its payroll, taxes, utility bills, and licensing fees entirely in cash."
Read more...Feds allow banks to do business with marijuana shops, industry still nervous | Fox News
