Banks are slowly welcoming legal marijuana dealers

Credit unions and banks are wary of running afoul of money laundering statutes
The Washington Post (US)
Tuesday, August 12, 2014

A top federal official said that 105 banks and credit unions are doing business with legal marijuana sellers, suggesting that federal rules giving financial institutions the go-ahead to provide services to dealers are starting to work. The Obama administration in February gave the banking industry the green light to offer financing and accounts to pot distributors who can legally conduct business in 20 states and the District. Sellers hailed the decision as a step toward bringing marijuana commerce out of the shadows and into the mainstream financial system. But banking groups said the guidance did little to allay fears of doing business with companies whose products remain illegal under federal law.