Gaming industry seeks clarity on handling cannabis-derived money

Nevada marijuana business owners pay attention: The gaming industry has appealed to the U.S. Treasury Department for clarity on how casinos should deal with money connected to the cannabis sector.

The American Gaming Association sent a letter to federal regulators asking for guidance in a situation where cannabis is federally illegal but legal in certain states, the National Law Journal reported.

According to the letter, the discrepancy “continues to present complexities and challenges for many types of financial institutions, including casinos.”

Casino owners are seeking advice on how to handle high-rollers who are gambling with money they made in the cannabis industry, according to the National Law Report.

Specifically, the AGA wants to know “whether and how” gaming establishments should use the Department of the Treasury Financial Crimes Enforcement Network’s 2014 marijuana guidance for filing “suspicious activity reports” on patrons whose money is derived from marijuana-related businesses, wrote Geoff Freeman, president and CEO of the American Gaming Association.

Though recreational marijuana is legal in Nevada, consumption is strictly forbidden in casinos because they abide by federal law regarding cannabis.

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 5 Comments

  1. Dan August 4, 2017
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