On marijuana, feds plan to address banking issue

By: Associated Press Email
By: Associated Press Email

WASHINGTON A Justice Department official says the federal government will enable financial institutions to transact business with the legitimate marijuana industry without fear of prosecution.

The issue has taken on greater urgency now that Colorado and Washington have become the first states to legalize recreational use of marijuana.

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

In an appearance before the Senate Judiciary Committee on Tuesday, Deputy Attorney General James Cole said the issue was one that the federal government needed to deal with.

The Justice Department announced Aug. 29 that it won't try to stop Colorado and Washington state from legalizing recreational marijuana use as long as they implement strong enforcement systems. Marijuana is an illegal drug under federal law.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WNDU - Channel 16 54516 State Road 933 South Bend, IN 46637 Front Desk: 574-284-3000 Newsroom: 574-284-3016 Email: newscenter16@wndu.com
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 223185911 - wndu.com/a?a=223185911