Banks are having a bad reaction to new federal guidelines meant to help them work with marijuana businesses in states where the drug is legal.
Instead of calming their fears, the guidelines instituted by the Treasury Department in February are making many paranoid—causing almost as many banks to stop supporting marijuana businesses as those who have opted to, says a story run by ABC 15.
The good news: Just over 100 banks across the country reported that they work with at least one marijuana based business, according to Jennifer Shasky Calvery, Director of the Financial Crimes Enforcement Network, or FinCEN.
But the bad news for marijuana businesses is that an undetermined number of banks also reported that they had closed about 500 accounts that deal with the drug.
If you’d like to discuss marijuana issues, contact Ryan Hurley, director of the Rose Law Group Medical Marijuana Department rhurley@roselawgroup.com
