Washington's banks and financial institutions are still hopeful
that they will be able to do business with legalized marijuana businesses
without fear of prosecution. Deputy Attorney General James Cole told Congress
that banks and financial institutions have been afraid to let marijuana-related
businesses open accounts for fear of criminal prosecution.
This has been an ongoing problem since 1996 when California
voters made it legal to use medical marijuana. Federally insured banks and
other financial institutions were at risk for being prosecuted for drug
racketeering, and thus refused to do business with medical marijuana
dispensaries.
Since the Justice Department first announced its more
permissive marijuana enforcement policy, marijuana advocates have been quick to
point to banking issues as a roadblock to success. Legitimate marijuana
businesses that operate on a cash-only basis are open to criminal activity,
such as tax evasion, money laundering, and theft. It also presents a public
safety concern because cash-only businesses could result in the presence of
firearms and other weapons.
In addition to banking issues, the Justice Department is
still trying to figure out how they will protect states where marijuana is still
illegal from being infiltrated with legal marijuana from neighboring states.
DEA chiefs are certain that "when marijuana will be fully legal to buy,
diversion of the drug will explode".
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