Marijuana lovers everywhere may be getting their big break with this one! The U.S Department of Justice is working on a case that may make it legal for financial institutions and other enterprises to work with marijuana businesses without penalties, Hit the jump for the full story!
In an attempt to reverse a policy set by administration that warned against financial institutions doing any business with marijuana establishments, the Department of Justice has embarked on a case to make it less likely to be persecuted for doing so.
During a briefing Thursday the Department of Justice spoke out in efforts to support banks working with marijuana businesses, stating their case that marijuana business owner’s were put at higher risk for robbery and violence due to their cash only policies.
“Rep. Ed Perlmutter (D-Colo.) said in a statement on Thursday that the banking issues needed to be addressed. “We need to address the public safety, crime and lost tax revenue associated when these legal and regulated businesses are operating in a cash-only system,” said Perlmutter, a senior member of the House Financial Services Committee”
In a 3 page memo presented Thursday, encouraging the administration policy to be reversed due to the possible public and health safety within the marijuana industry if it was further regulated, it continued to state:
“After listing a set of federal priorities — keeping pot away from kids, preventing gangs and cartels from profiting from the drug trade — the memo, authored by Deputy Attorney General James Cole, suggests that “robust” state regulation of legal marijuana “may affirmatively address those priorities by, for example, implementing effective measures to prevent diversion of marijuana outside of the regulated system and to other states, prohibiting access to marijuana by minors, and replacing an illicit marijuana trade that funds criminal enterprises with a tightly regulated market in which revenues are tracked and account for.”
Business amongst financial institutions and marijuana businesses creates for more safety within the marijuana businesses but ultimately benefits the bankers. The cash-only system creates more revenue for the business owners while the banking system requires them to pay a percentage for each service: credit cards, checking, deposits, etc.
“It remains unclear whether the guidance from DOJ will be followed. Just last week, the Drug Enforcement Administration, which is a subordinate agency within the DOJ but often acts as if it is independent, advised armored car and security companies that they should no longer work with marijuana businesses”
Via HuffPost
