U.S. treasury and law enforcement agencies will soon issue regulations opening banking services to state-sanctioned marijuana businesses even though cannabis remains classified an illegal narcotic under federal law, Attorney General Eric Holder said on Thursday.
Holder said the new rules would address problems faced by newly licensed recreational pot retailers in Colorado, and medical marijuana dispensaries in other states, in operating on a cash-only basis, without access to banking services or credit.
Proprietors of state-licensed marijuana distributors in Colorado and elsewhere have complained of having to purchase inventory, pay employees and conduct sales entirely in cash, requiring elaborate and expensive security measures and putting them at a high risk of robbery.
It also makes accounting for state sales tax-collection purposes difficult.
“You don’t want just huge amounts of cash in these places,” Holder told the audience at the University of Virginia. “They want to be able to use the banking system. And so we will be issuing some regulati. . . . . READ MORE
During the groundbreaking phone call on Thursday, August 29 in which U.S. Attorney General Eric Holder told the governors of Colorado and Washington the federal government would not attempt to intercept regulated legal marijuana in their states, he also said the Department of Justice (DOJ) is “actively considering” how to oversee the relationship between banks and marijuana shops.
According to the Huffington Post, Holder told the governors as long as marijuana shops “operate within state laws and don’t violate other federal law enforcement priorities” the DOJ is looking to regulate those interactions as legal.
Rep. Ed Perlmutter (D-Colo.), a senior member of the House Financial Services Committee, released a statement on Thursday calling for a hearing to discuss his proposed bill, Marijuana Businesses Access to Banking Act (HR 2652). In the statement, he raised concerns over “public safety, crime, and lost tax revenue associated when these legal and regulated businesses are operating in a cash-only system.”
“We need to provi. . . . . READ MORE