NEW YORK, NY--(Marketwired - Jan 27, 2014) - Plandaí Biotechnology (
First it was President Obama all but endorsing future legalization by stating the drug is no more dangerous than alcohol, and by citing that support for both Washington and Colorado's recent legalization of marijuana is necessary for fairness purposes given some are being arrested and incarcerated for the illegal drug while others face no penalties at all. This declaration seemed to suggest that nationwide legalization would be fair if regulated.
Well, now an even bigger statement is coming out of Attorney General Eric Holder. Late last week Holder stated that the Administration will soon announce regulations to make it easier for banks to do business with legal marijuana businesses.
The banking piece of the cannabis equation is crucial to the future of the industry and for those companies running a legitimate cannabis business. Even Holder recognizes that a business surviving on all cash poses a number of problems. It appears the administration may use the "safety concerns" angle of having large amounts of cash lying around to introduce regulations that allow legitimate businesses to deposit money into U.S. banks.
To those operating a legitimate cannabis business, just having the Justice Department and the Treasury at the table discussing the industry is a large step forward in a debate that seems to be shifting almost overnight.
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