Category: finance

House Approves Amendment to Allow Financial Institutions to Work With Marijuana Businesses

This afternoon, the House of Representatives voted 231 to 192 in favor of the Heck-Perlmutter-Lee-Rohrabacher Amendment, which will restrict Treasury Department and SEC funds from being spent to penalize financial institutions for providing services to marijuana related business that operate according to state law. This proposal amends H.R. 5016, a spending bill for fiscal year 2015 that funds the Internal Revenue Service, Treasury Department, and Securities and Exchange Commission. The amendment reads: “None of the funds made available in this Act may be used, with respect to the States of […]

More Than 40 Maine Lawmakers Sign Memo Urging Consideration of Marijuana Legalization

On Friday, more than 40 state lawmakers in Maine co-signed a memo authored by State Representative Diane Russell that was delivered to the Appropriations & Financial Affairs Committee. The memo encouraged the committee to keep all options on the table in their upcoming financial deliberations, including potential tax revenue derived from an adult, non-medical market for marijuana. “All options should be on the table,” Rep. Russell stated in the memo, “In this spirit, we propose committee members give serious consideration to the revenue options associated with legalizing, taxing and regulating […]

Departments of Justice and Treasury Release Marijuana Banking Guidance

Today, the Department of Justice and the Financial Crimes Enforcement Network division of the Treasury Department released long anticipated guidance to banks and other financial institutions on how they can interact with marijuana businesses that are licensed under state law. Under current regulations, financial institutions are required to file suspicious activity reports when they suspect the transaction has a drug connection. The new guidance creates a three tiered system for these reports: marijuana limited, marijuana priority, and marijuana termination. This will allow these institutions to work with marijuana businesses as […]