Federal officials are poised to unveil new regulations allowing for financial institutions to legally interact with licensed businesses that are engaged in cannabis commerce.
United States Attorney General Eric Holder announced the forthcoming guidelines yesterday in a speech at the University of Virginia’s Miller Center.
“You don’t want just huge amounts of cash in these place. They (retail facilities that dispense cannabis) want to be able to use the banking system,” Holder said. “And so we (the Obama administration) will be issuing some regulations I think very soon to deal with that issue.”
Presently, federal law discourages financial institutions from accepting deposits or providing banking services for facilities that engage in cannabis-related commerce because the plant remains illegal under the US Controlled Substances Act. While the Obama administration is unlikely to amend cannabis’ illegal status under federal law, the forthcoming rules are anticipated to provide clear guidelines for banks that wish to provide support for state-licensed cannabis facilities.
In Colorado, where retail stores began legally selling cannabis on January 1 to anyone age 21 and older, businesses were estimated to have engaged in over $5 million in marijuana sales in their first week of business.