Alternative Energy Partners Inc (AEGY)

[hedge_fun]

CA NORML says CA may not qualify under guidelines.....

announced yesterday. I even said as much yesterday.

Feds Issue New Banking Regulations for MJ-Related Businesses - But California May Not Be Eligible Due to Lack of State Licensing

Cal NORML News Feb 14, 2014

The Dept of Justice has announced new federal guidelines for providing financial services to marijuana-related businesses under the Bank Secrecy Act : "BSA Expectations Regarding Marijuana-Related Businesses."

The guidelines repeatedly call on financial institutions to check for state licensing. Because California doesn't have a state licensing system, only local ordinances regulating medical marijuana collectives, it's questionable whether these guidelines apply in California. (Note that a bill to establish a state MMJ licensing system, AB 604 by Tom Ammiano, is pending in the State Senate).

The guidelines reiterate that DOJ enforcement is focused on assuring compliance with the so-called Cole Memo priorities, namely preventing distribution to minors, diversion of revenues to criminal enterprises, diversion to states where marijuana is illegal, growing on public lands, drugged driving, violence and use of firearms, etc.

http://www.canorml.org/news/Feds_issue_banking_regulations_for_marijuana_businesses