Feds clear marijuana businesses for banking

By Joseph Lawler

Published February 14, 2014 5:00am ET

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Feds clear marijuana businesses for banking — FILE - In this Oct. 23, 2013 file photo, marijuana is displayed at the River Rock dispensary in Denver. The federal government takes another step toward enabling a legalized marijuana industry to operate in the U.S., announcing that it will allow banks to do business with legal marijuana sellers. (AP Photo/Brennan Linsley, File) | Brennan Linsley

Federal regulators cleared the way Friday for banks to serve marijuana businesses in states where selling the drug is legal.

Following the legalization of retail marijuana in the states of Washington and Colorado, the Justice Department and the Treasury Department‘s Financial crimes Enforcement Network released guidance to banks on how they could allow marijuana businesses to hold accounts without running afoul of federal law.

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Department of Justice Finance Joseph Lawler Law Marijuana PennAve Treasury Department