Banks just saying no to marijuana money
Customer Paxton Berlanga, of Indiana, right, smells a strain of marijuana, while being helped by employee Billy Archilla, inside the retail marijuana shop at 3D Cannabis Center, in Denver, Friday Feb. 14, 2014. The marijuana industry breathed a sigh of relief Friday after federal banking regulators issued long-awaited permission for them to access basic banking services. (AP Photo/Brennan Linsley)
NEW YORK — The U.S. government has opened a new line of business for America’s biggest banks, and for once they don’t want it. Little wonder: it’s cash from legalized marijuana.
The financial crimes arm of the Treasury Department is making it easier to deposit the fledgling industry’s growing revenue, at last count nearly $3 billion annually and almost all in cash. The government wants to tax the revenue and keep it away from organized crime. And it figures banks with strong compliance departments can best help it track the money....
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