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September 11, 2013

Feds want to let pot firms go to the bank

  • As a result of banking constraints, legitimate marijuana businesses are operating on a cash-only basis, which can lead to tax evasion and other criminal activity.
    • By PETE YOST
    Associated Press

    WASHINGTON — The Justice Department and federal banking regulators will help clear the way for financial institutions to transact business with the legitimate marijuana industry without fear of prosecution, Deputy Attorney General James Cole told Congress on Tuesday.

    The issue has taken on greater urgency now that Colorado and Washington have become the first states to legalize recreational use of marijuana.


     
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