While the United States may have warmed up to relaxing marijuana laws, the financial rules surrounding money tied into the industry has yet to catch up. Colorado’s recent legalizations of recreational marijuana use, as well as decriminalization and medical marijuana approval in many other states has, brought the concerns of the financial industry to the fore front. Without more stringent guidelines many are fearful to do business with burgeoning industry at all.
The Department of Justice (DOJ) has said that it will not pursue state laws okaying marijuana unless they violate eight core responsibilities, among them ensuring that marijuana stays out of the hands of kids, and doesn’t coincide with the sale of other controlled substances. However this soft regulation has not done much to make banks comfortable with the idea of handling drug money.