By Howard Fischer | Capitol Media Services/Arizona Daily Sun
Attorneys representing medical marijuana dealers are hoping new “guidance” Friday by federal officials paves the way for their clients to finally have bank accounts.
Ryan Hurley and Jeffrey Kaufman applauded the memo from the U.S. Department of Treasury telling financial institutions that allowing those who legally sell marijuana in their home states to open bank accounts will not necessarily get them in trouble, even though possession and sale of the drug remains a felony under federal law.
Instead, the memo provides what the federal agency calls “guidance” that “clarifies how financial institutions can provide services to marijuana-related businesses” consistent with other federal regulations.
“We’re hopeful that it means we’ll have bank accounts very soon that aren’t going to get shut down,” Hurley said.
