One of the largest hurdles remaining for a legal, recreational marijuana market now
appears to be surmountable, as United State Attorney General Eric Holder has announced that marijuana retailers ought to have access to banks to process their transactions.
Up until now most financial institutions have refused to offer banking services to new marijuana businesses on the grounds that the substance is still illegal under federal law. Without a bank, these retailers would be left processing transactions on a cash only basis. The idea that businesses would have stacks of bills on-site or be paying taxes with a suitcase full of money raised concerns about public safety and the threat of new criminal activity.
The issue is one that has drawn considerable attention from the Liquor Control Board and political leaders in Washington state. Representative Chris Hurst, chair of the House Government Accountability and Oversight Committee, has held several work sessions examining how the issue could be addressed at a state level. Meanwhile, Washington Attorney General Bob Ferguson and Congressman Denny Heck have been working with the federal government to provide a mechanism for legal banking.
With Holder’s comments and forthcoming guidelines for financial institutions there now appears to be a path forward for legal marijuana banking – which is very big, very good news for Washington’s imminent recreational market