The announcement by U.S. Attorney General Jeff Sessions, a longtime critic of legalizing marijuana, caused confusion among banks about how to do business with marijuana growers, processors and distributors without running afoul of federal money laundering laws.
About 400 banks and credit unions do business with the U.S. marijuana industry. Most are small institutions with operations limited to states where marijuana has been legalized.
Critics said the Justice Department’s decision, which gives prosecutors wide latitude to pursue criminal charges, could drive banks out of the cannabis industry.
Full Article / Source: www.reuters.com