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From: The Bulletin
The Oregon Department of Revenue expects little change in the near future to federal regulations that effectively block legal marijuana businesses from receiving banking services.
***
Although banks engaging in financial transactions with marijuana companies is technically illegal under federal law, the U.S. departments of Treasury and Justice laid out guidelines for states in which marijuana is legal that would allow banks to provide services. However, absent a solid guarantee they won’t be prosecuted for money laundering and other liabilities, banks typically decline cannabis-related business.
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I found At a consultation Tuesday of the Oregon House Revenue Committee, Deanna Mack, authoritative contact for the income office, told legislators that until banks can suit cannabis organizations unafraid of government arraignment, “we fundamentally need to plan to manage high volumes of money.”
Around 60 percent of assessment installments by Oregon cannabis retailers show up in real money, contrasted with 40-45 percent of expense installments in Washington and Colorado, she said. In January, for instance, the division got $5.3 million in deals charge installments from cannabis retailers; in 2016, the office gathered $60.2 million. Maryjane organizations in Oregon do about $7 million in retail deals every week, or $364 million per year, as indicated by the office.
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