I have posted several links. The ABA outlined.....
what they needed before yesterday's announcement:
“Until congress changes federal law and acknowledges that marijuana is legal banks can’t accept any funds,” said Rob Rowe, Vice President & Senior Counsel of American Banking Association. “As much as we welcome changes to the regulations it doesn’t change the fact that it is still illegal.”
Still, the banking industry was quick to say that the new guidelines would not be sufficient to make banks feel at ease about opening accounts for or granting loans to marijuana businesses because the drug would still be illegal under the federal Controlled Substances Act.
One bank won't even set ATM's near marijuana bidnesses:
One Colorado bank, Pueblo Bank & Trust, does not even allow its ATMs to be placed in or near marijuana businesses, presumably because it does not want customers to use cash from the machines to buy cannabis. “Marijuana remains an illegal drug under federal law,” PB&T President Mike Seppala told The Pueblo Chieftain last week, “and that’s the bank’s policy.”
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.
Marijuana Businesses Can Now Use Banks, But Maybe Not in California
Unfortunately for dispensary operators, California doesn't license dispensaries. State legislators have tried to impose regulations on shops, but they've pretty much failed.
Some cities provide licenses, and dispensaries can obtain nonprofit permissions from the state, but that doesn't really equate to state licensing. California pot shop licenses simply don't exist.
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