Financial Institutions Begin Working with Marijuana Businesses

Over 100 US financial institutions are now working directly with marijuana-related businesses in states that have legal marijuana markets, according to the US Department of Treasury.

Financial Crimes Enforcement Director Jennifer Shasky Calvery acknowledged that US financial institutions have filed over 1,000 reports with the Treasury Department in regards to businesses engaged in the sale of marijuana and marijuana-related goods and services.

“Currently 105 individual financial institutions from states in more than one third of the country engaged in banking relationships with marijuana-related businesses,” stated Calvery.

The Treasury Department and the Justice Department issued two memos in February providing limited guidance to financial institutions that wish to engage in transactions with state-sanctioned marijuana businesses.

In July, the US House of Representatives voted in favor of legislation restricting the Treasury Department’s ability to take punitive actions against financial institutions that provide assistance to state-authorized marijuana businesses.

However, the US Senate has yet to take any action on the measure.

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