Marijuana banking rules remain hazy
How is it possible that on the same day New York’s Department of Health was announcing the five companies that can legally manufacture and distribute medical marijuana next year, a credit union was suing in Colorado federal court for the right to provide banking services to legal marijuana businesses? Quite simply, the federal government has adopted a “don’t ask, don’t tell” policy with regard to one of our nation’s most high profile issues.
Even as New York, 21 other states and Washington, D.C., legalize marijuana to varying degrees, the federal government has refused to clearly authorize financial institutions to provide banking services to legal marijuana businesses.
This situation is unsustainable for credit unions and for that matter banks caught in between diametrically opposed federal and state laws.
Even those opposed to the legalization or decriminalization of marijuana-a group in which I count myself- should agree that it makes sense to give...
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