Marijuana is estimated to be a $10 billion industry and rapidly growing. Almost all of it is conducted in cash. Although legal in thirty three states plus Washington, D.C., Puerto Rico and Guam, marijuana remains illegal at the federal level. Accordingly, financial institutions that handle proceeds from a transaction involving the distribution, manufacture or sale of marijuana would be handling illegal proceeds in violation of both federal money laundering statutes and banking regulations that prohibit such institutions from participating in any transaction or engaging in any relationship involving illegal proceeds.
Continue Reading Will Banks be Able to Play it SAFE with Marijuana Related Businesses?

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana.

There were several interesting developments this week on the federal level.  We’ll start off with the news that the Senate may not take up the issue of banking in the marijuana industry.  Sen. Mike Crapo (R.

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana.

No news is big news this week, as New Jersey failed to pass legislation legalizing recreational marijuana.  You’re spoiled for choice when it comes to news coverage; see for example, here, here and here.

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana.

The big news on the federal level was the reintroduction of the SAFE Banking Act, by sponsor Ed Perlmutter, a Democrat from Colorado.  Lest you think this is strictly a measure supported by Democrats from