Holder Confirms DOJ Prepping Guidance for MMJ Banking

The federal government will issue regulations soon allowing banks to work with marijuana businesses, US Attorney General Eric Holder said Thursday.

But it’s unclear what exactly the banking accommodation will entail. While Holder twice mentioned “regulations,” a Justice Department spokesperson later said that the attorney general was referring to “guidance” for prosecutors, according to Politico.

There have been rumors since late last year that the Justice Department was working on guidance similar in nature to the Cole Memo issued in August to US attorneys general across the country. It outlined eight “enforcement priorities” under which the federal government would prioritize prosecution of marijuana businesses.

Cannabusiness activity has swelled in recent months as more entrepreneurs have founded and expanded operations after the release of the Cole Memo.

In his comments Thursday, Holder confirmed that the US Departments of Justice and Treasury were jointly working on the document, which would be released soon. He also acknowledged the safety challenges posed by a large and growing industry operating under an all-cash conditions.

“You don’t want just huge amounts of cash in these places … There’s a public safety component to this,” Holder said in a speech at the University of Virginia. “Huge amounts of cash—substantial amounts of cash just kind of lying around with no place for it to be appropriately deposited is something that would worry me, just from a law enforcement perspective.”

6 comments on “Holder Confirms DOJ Prepping Guidance for MMJ Banking
  1. Adam on

    Even with Holder’s announcement it could be a year or 2 before this takes effect. The attorney general first gives and outline of what he thinks should happen with banking then it will have to be written into a bill to change banking regulations. After that both the senate and the house will have to vote on it and approve and changes for them to take place. It is def a step in the right direction but it could still be some time until mmj businesses can partake in traditional banking

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  2. Johnny Korell on

    A step in the right direction is what we should focus on. It’s been a long time coming but it is. Look at all the progress just in the last two years.

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  3. [email protected] on

    The government wants to be able to track the money also. Then it is easier to get their tax money or just have you arrested for tax evasion.
    I have no interest in any MMJ business but if there is money around, the political hacks want a large piece of it.

    Reply

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