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Visa Inc. Message Board

  • tysons1 tysons1 Feb 14, 2014 7:16 PM Flag

    business is smokin!

    By Michael Hiltzik
    February 14, 2014, 2:26 p.m.



    If you're keeping track of what so far has been the creeping acceptance and legalization of marijuana in the U.S., on Friday things took a huge leap forward.

    The U.S. Treasury issued guidelines stating, in effect, that it's legal for banks to provide financial services to marijuana-related businesses. That removes a huge impediment to the growth of the businesses, for up to now federal banking restrictions have forced them to operate in cash.

    The Obama administration plainly recognizes that with the sale or use of marijuana now legal in some form in 20 states and the District of Columbia, the old restrictions are anachronistic. Worse, they foster crime: The essence of anti-money-laundering enforcement is to move business activity out of cash and into auditable, trackable transactions, such as bank and credit card accounts.

 
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