More banks are welcoming marijuana businesses, federal data shows
The rise comes despite continued confusion about the federal government's approach to marijuana
Forbes (US)
Tuesday, January 2, 2018
Tuesday, January 2, 2018
A growing number of banks are willing to open accounts for marijuana businesses. The number of depository institutions that are actively banking the cannabis industry has increased roughly 18% since the beginning of 2017. Last January, 340 financial services providers were banking marijuana businesses. That number rose to 400 by the end of September, according to a report by the Financial Crimes Enforcement Network (FinCEN). In 2014, the Obama administration's Treasury and Justice Departments issued guidance to banks about how to serve the marijuana industry without running afoul of federal regulators. (See also: Where pot entrepreneurs go when the banks just say no)
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