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Justice Dept. to adjust banking rules for legal marijuana shops

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U.S. Attorney General Eric Holder

U.S. Attorney General Eric Holder

DENVER — Colorado’s marijuana shops may not be cash-only businesses for much longer.

On Thursday, Attorney General Eric Holder said that the Obama administration is planning to roll out new regulations soon that would allow banks to do business with legal marijuana sellers.

That’s currently a problem because federal banking laws prohibit lenders from working with illegal businesses and marijuana remains illegal under federal law.

During an appearance Thursday at the University of Virginia, Holder acknowledged the reality that Colorado businesses and politicians have been talking about for months — that marijuana businesses, without access to the banking system, are prime targets for violent crime because of the large amounts of cash they’re forced to carry around.

Currently, processing money from marijuana sales puts federally insured banks at risk of drug racketeering charges.

Because of the threat of criminal prosecution, financial institutions often refuse to let marijuana-related businesses open accounts.

Congressman Ed Perlmutter, D-Golden, urged the Justice Dept. to act back in July of last year when he brought forth legislation to exempt businesses in states where marijuana is now legal from the FDIC laws that prohibit banks from lending to them.

His bill never got a hearing.


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  • Michelle

    I find it funny how “Buck Ofama” is against this, but most likely all for states rights at the same time. Against what Obama is doing or just plain against Obama?

  • Buck Ofama

    Just plain against Obama. A man of dubious qualifications and resume.
    An “American Idol” president who is a Marxist. His father ,mother and mentors were and are all communists! Clear enouh for you?

    • justakitty

      You obviously have no clue what communism is, nor marxism. You’re obviously just jumping on the bandwagon to feel important in some way…

      Contrarian for no reason loser…

  • Daniel J. King IV

    Buck, NOW you GET IT (but Creeps @ KDVR REFUSE to TELL regular users of Marijuana LOSE their Rights to OWN or Possess Guns or Ammo) – as Obama & Holder LOVE THIS – they induce people to become regular users of Marijuana & ‘POOF’ = AWAY goes their Gun Rights – No ‘Jack-Booted Thugs’ REQUIRED !!! See 18 USC 922(g).

  • Daniel J. King IV

    Chicago’s News Media WILL TELL marijuana users they LOSE their Gun Rights – but Fox31 KDVR WILL NOT – because A-K Dan TOLD them & Fox 31 WILL NEVER do a Story A-K Dan tells them about – even though I TOLD Heidi Hemmat about the Meth Dealer Gun Show Promoter (a/k/a: ‘Crystal Meth Distributors of the West’) in 2002 – that Ron Zappolo LED his Nov. 5, 2002 Newscast with !!! zzz,0,1530419.story zzz

  • MileHighScorp

    I think it is funny that all these fools are getting sick eating their new “fad” ! The dope shops have “their” inventory then they have the “cartel” inventory. Cutting in to the cartels is a losing battle, banking or no banking, the violence to these that want the quick big bucks will have to deal with the big price that comes with dope dealing.
    A million dollars worth in one week ???? right ! Sorry but it doesnt grow and get harvested that fast, nice try.

  • Dana F. Davis

    This is ridiculous. And how do the banks determine to what extent these businesses are “legal”? Do you really think they’re going to hire investigators to ensure legality? And what happens when demand exceeds supply? Millions without bank accounts… it’s incredible. And without police, either. Because there’s no way you will ever get the police to indefinitely protect drug dealers, legal or otherwise.

  • Daniel J. King IV

    Marijuana SHOPS just NEED to get ‘Creative’ with the Legal ‘Banking Names’ – as during the Clinton years & even recently, a Rental Car company REFUSED to RENT me cars with my Company name of on my Credit Cars & banks would tell me that what I was doing is ILLEGAL & that the President (then Clinton) had ‘Banned’ those weapons with the 1994 ‘Crime Bill’. So NOW I use a benign name designed to THROW off the \Mentally-Challenged’ LIBS !!!

  • Doug Pederson

    The Banks have laundered a Trillion Dollars of Marijuana money. This should be clawed back or there should be amnesty for all Cannabis cash. Put those funds to work restoring the economy.

  • Doug Pederson

    What are the Teachers in Colorado and Washington State saying about Marijuana?

    Educators are one of the major propaganda sources, they have lied to generations of children about Marijuana. They are afraid to come clean.

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