Colorado governor praises marijuana banking announcement
April 2, 2014
Gov. praises pot banking announcement
DENVER — Colorado Gov. John Hickenlooper is responding with relief to word from federal officials that marijuana businesses will be allowed to access banking services.
Attorney General Eric Holder said Thursday that the Obama administration is planning to roll out regulations soon that would allow banks to do business with legal marijuana sellers.
Hickenlooper's spokesman released a statement Friday morning saying the news is welcome. Spokesman Eric Brown says Colorado hopes the guidance is specific.
Currently, processing money from marijuana sales puts federally insured banks at risk of drug racketeering charges.
Because of the threat of criminal prosecution, financial institutions often refuse to let marijuana-related businesses open accounts.
Recommended Stories For You
Trending In: Marijuana
- How does it work? | Starting an avalanche: CDOT preps Gazex avalanche exploders for coming winter months
- New ski frame allows skiers to wear snowboard boots
- First phase of new Granby park nears finish
- Teen who fell from Hotel Colorado balcony regains consciousness but condition still ‘extremely critical,’ her mom says
- Hot Sulphur Springs residents awake to find brown tap water