New US Policy Won't Ease Marijuana Dispensaries' Banking Woes

Even as a shift in U.S. prosecution policy gives states more leeway to legalize marijuana, the companies that dispense it are likely to have trouble finding a bank, financial service industry and enforcement experts said.
Federal anti-money laundering rules prohibit the handling of proceeds from illegal activities, and banks must follow strict monitoring and reporting procedures to stay within the law. Because a federal prohibition of marijuana is still in place, most banks do not work …

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