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Originally published Tuesday, February 11, 2014 at 7:54 PM

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Federal guide would allow banking services for pot firms
The federal government is set to unveil in the next few days a way for legal pot merchants to use banking services. It may not be enough to allay concerns of some banks.


By Bob Young
Seattle Times staff reporter





U.S. Rep. Denny Heck, D-Olympia

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The federal government is set to unveil in the next few days a way for legal pot merchants to use banking services.

U.S. Rep. Denny Heck, D-Olympia, said Thursday he expects the federal government’s new guidance for banks and bank regulators will be released “imminently.”

That guidance should provide legal marijuana businesses with a “full range of banking services, including accepting credit cards, direct depositing payroll checks and more,” Heck said. The businesses will no longer be forced to operate as cash-only, making it safer to implement the voter-approved recreational pot industries in Washington and Colorado.

Federally insured banks now refuse to provide services to legal marijuana businesses because of the federal prohibition of all marijuana.