DENVER (AP) — The marijuana industry breathed a sigh of relief Friday after federal banking regulators issued long-awaited permission for them to access basic banking services.
But they say that more needs to be done to bring the industry full legitimacy.
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The U.S. Justice Department and Treasury Department issued guidance intended to increase the availability of financial services for legal marijuana businesses that are licensed and regulated, while preserving the government’s enforcement power.
It was welcome news for marijuana businesses that have lost bank accounts and struggled to pay employees and taxes in cash. Still, business owners and industry advocates say the memo is just a beginning. They are hoping Congress will act to give them more certainty and expand access to things like insurance, loans and the federal courts.
