So long as marijuana remains illegal at the federal level, many financial institutions (FIs) will remain wary of the industry, no matter how many states legalize marijuana. However, there may be chang…
Banking Marijuana Businesses—Understanding the Challenges and Opportunities
In Brief
- Banks and marijuana-related businesses (MRBs) must work together to ensure that financial services are utilized in a responsible, safe, and sound manner.
- Guidance from the DOJ and FinCEN provide the framework for banking the marijuana industry.
- It is critical for banks and their MRB customers to understand this framework as well as the challenges and best practices for banking high-risk merchants.
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