Attorney General Eric Holder said today that the Obama administration plans to announce a change in financial regulations that will finally allow banks to handle funds for legal marijuana businesses.
This is huge, as many medical marijuana dispensaries and other canna-businesses have up until this point had trouble borrowing money—not to mention opening business checking accounts. This has led many of these businesses that handle day-to-day storefront operations, like dispensaries, to have to deal with large amounts of cash with nowhere “safe” to stash it. This then makes them serious targets for organized crime.
"You don’t want just huge amounts of cash in these places,” Holder said earlier. "There’s a public safety component to this… It is an attempt to deal with a reality that exists in these states."
Though Holder did not specify whether the rules would apply only in Washington and Colorado, or also to states which have legalized cannabis for medicinal use, this announcement will certainly be a significant step on the road to proving without a doubt the legitimacy of the cannabis industry.