| Posted on Thu, February, 20th 2014 by THCFinder
Good news for all dispensary owners! Banks are beginning to relax their standing on accepting money that was used in the marijuana industry. The government recently release a set of rules for the banks to follow regarding this industry and they are going to allow the financial institutions with banking services, just like any other business. With such large amounts of cash being handled, marijuana establishments being barred from banks creates a huge public safety problem, not to mention an inconvenience for customers and patients.
According to the rules that have been set forth, the banks must be labeled as "suspicious" and will be investigated after the bank files a report (Suspicious Activity Reports is what they'll be called). Transactions that are believed to be legal will be reported as "marijuana limited" transactions. For other transactions that the banks believe the be illegal, they will be labeled as "marijuana priority" and will be further investigated by the bank's cannabis industry regulators.
While the new rules aren't going to solve everything, at least the government is taking steps in the right direction. Dispensary owners will be able to store their money in a safe place, as compared to stuffing it in their mattresses to keep it guarded or having to leave it in the safe at the store. Cannabis may still be illegal under federal law but forbidding these large amounts of money from entering bank accounts is only going to promote black market activity and other money related crimes.