federal government

Federal government to set new regulations allowing banks to serve marijuana sellers

Tuesday, February 04, 2014 by: Jonathan Benson, staff writer
Tags: banks, marijuana sellers, federal government

eTrust Pro Certified

Most Viewed Articles
Popular on Facebook
BACK INTO THE CLOSET: Why U.S. reporters are not allowed to write about rainbow events in nations where being gay is still condemned
Depopulation test run? 75% of children who received vaccines in Mexican town now dead or hospitalized
A family destroyed: Six-month-old dies after clinic injects baby with 13 vaccines at once without mother's informed consent
Biologist explains how marijuana causes tumor cells to commit suicide
INVESTIGATION: Three days before Dr. Bradstreet was found dead in a river, U.S. govt. agents raided his research facility to seize a breakthrough cancer treatment called GcMAF
BOMBSHELL: China and America already at war: Tianjin explosion carried out by Pentagon space weapon in retaliation for Yuan currency devaluation... Military helicopters now patrolling Beijing
Companies begin planting microchips under employees' skin
BAM! Chipotle goes 100% non-GMO; flatly rejecting the biotech industry and its toxic food ingredients
Chemotherapy kills cancer patients faster than no treatment at all
ECONOMIC SLAVERY FOR ALL: While we were distracted with the Confederate flag flap, Congress quietly forfeited our entire economic future via fast-track trade authority
NJ cops bust teenagers shoveling snow without a permit
McDonald's in global profit free fall as people everywhere increasingly reject chemically-altered toxic fast food
March Against Monsanto explodes globally... World citizens stage massive protests across 38 countries, 428 cities... mainstream media pretends it never happened
Italian court rules mercury and aluminum in vaccines cause autism: US media continues total blackout of medical truth
SCOTUS same-sex marriage decision may have just legalized the concealed carry of loaded firearms across all 50 states, nullifying gun laws everywhere
Orthorexia Nervosa - New mental disorder aimed at people who insist on eating a clean diet
Vicious attack on Dr. Oz actually waged by biotech mafia; plot to destroy Oz launched after episode on glyphosate toxicity went viral
Nearly every mass shooting in the last 20 years shares one surprising thing? and it's not guns
(NaturalNews) Champions of states' rights may have even more to get excited about as the federal government announces plans to back off and allow cannabis businesses in Colorado and Washington to access and use banking institutions. Politico.com reports that the Obama administration will soon unveil updated federal guidelines for how newly established recreational marijuana dispensaries can safely deposit cash and perform other banking transactions without violating federal money laundering laws.

Since cannabis is still regarded by the U.S. Department of Justice (DOJ) as a Schedule I drug, recreational marijuana shops in states where the plant is now legal have had to navigate uncharted waters as far as local, state and federal laws are concerned. Though Attorney General Eric Holder made it clear that the Drug Enforcement Agency (DEA) would not be prosecuting legal cannabis businesses in either Colorado or Washington, these same businesses have still been restricted from using banks to deposit their revenues.

But this could all soon change, as the federal government has agreed to allow individual states the freedom to enforce their own laws and regulations with regard to cannabis policy, even when such policy conflicts with federal law. This, after all, is how our constitutional republic is supposed to work -- whatever is not specifically spelled out as a responsibility of the federal government should be left up to the states, including the free use by a free people of a plant with limitless therapeutic potential.

Federal law currently prohibits banks from dealing with cannabis-related businesses

Of particular concern are antiquated money laundering provisions that bar cannabis-related businesses from using banks. As it currently stands, all those "pot shops" selling cannabis in accordance with the provisions of Amendment 64 in Colorado, for instance, have nowhere to deposit their large reserves of cash, which Holder recently admitted publicly is not going to work.

"You don't want just huge amounts of cash in these places," stated Holder before a crowd recently at the University of Virginia. "They want to be able to use the banking system. There's a public safety component to this. Huge amounts of cash -- substantial amounts of cash just kind of lying around with no place for it to be appropriately deposited is something that would worry me, just from a law enforcement perspective."

The banks, of course, are only trying to protect themselves by refusing to deal with the burgeoning cannabis industry. But not having a legitimate outlet for sorting out the financial aspects of the legal marijuana market will only create the very same types of problems that existed within the prohibition paradigm.

"[A] lot of legal companies... are forced to resort to the type of shadowy capers that you might find in a gangster movie," stated Alex Altman from TIME magazine to PBS' Hari Sreenivasan during a recent interview. "I have talked to owners in Denver, dispensaries who lease secret, off-site warehouses to store their cash, who carry around tens of thousands of dollars on their person pretty much every single day, who are forced to foot tens of thousands of dollars tax bills in stacks of twenties."

"[I]t is a situation for them that presents challenges that are both difficult in terms of cash management, and dangerous in terms of personal safety."

Sources for this article include:

[Click here if PBS link not working]



Follow real-time breaking news headlines on
Banks at FETCH.news
Join over four million monthly readers. Your privacy is protected. Unsubscribe at any time.
comments powered by Disqus
Take Action: Support NaturalNews.com by linking back to this article from your website

Permalink to this article:

Embed article link: (copy HTML code below):

Reprinting this article:
Non-commercial use OK, cite NaturalNews.com with clickable link.

Follow Natural News on Facebook, Twitter, Google Plus, and Pinterest

Colloidal Silver

Advertise with NaturalNews...

Support NaturalNews Sponsors:

Advertise with NaturalNews...


Sign up for the FREE Natural News Email Newsletter

Receive breaking news on GMOs, vaccines, fluoride, radiation protection, natural cures, food safety alerts and interviews with the world's top experts on natural health and more.

Join over 7 million monthly readers of NaturalNews.com, the internet's No. 1 natural health news site. (Source: Alexa.com)

Your email address *

Please enter the code you see above*

No Thanks

Already have it and love it!

Natural News supports and helps fund these organizations:

* Required. Once you click submit, we will send you an email asking you to confirm your free registration. Your privacy is assured and your information is kept confidential. You may unsubscribe at anytime.