Lawmakers hear cannabis banking report

Editor’s Note: The following is an example of how federal regulatory guidance documents increase workplace hazards by forcing businesses to deal with “high volumes of cash.”

From: The Bulletin

By Joseph Ditzler

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.

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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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