Financial institutions remain wary of dealings with legal marijuana businesses

Many banks say FinCEN’s guidelines do not go far enough in protecting them from federal prosecution

So now that marijuana has been legalized in certain U.S. states, are the lives of marijuana sellers in these areas completely stress free? Not quite yet, they say, and their dealings with financial institutions are to blame.

Despite operating as legal businesses since the beginning of the year, many of these companies still cannot find banks willing to accept them as clients. Many of the banks are worried that they will run afoul of federal regulations that prohibit banks from accepting money gained from illicit transactions, despite reiteration from the Department of Justice that this is not a priority.

Assistant Editor

author image

Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

Bio and more articles

Join the Conversation

Advertisement. Closing in 15 seconds.