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  • Post Time Posted June 13, 2018
A measure to protect banks from prosecution for dealing with marijuana handling companies has been rejected. The measure, introduced by Ohio Republican David Joyce, would have prevented the U.S Department of the Treasury from taking any action to “penalize a financial institution solely because the institution provides financial services to an entity that is a manufacturer, producer, or a person that participates in any business or organized activity that involves handling marijuana or marijuana products" in accordance with state or local law.

Financial Institutions across the country have refused to work with medical or recreational marijuana companies due to the fear that they may be violating money laundering laws under federal marijuana prohibition. 

The practice has resulted in many marijuana businesses operating on a cash-only basis. This which can make them target for robberies as well make it more difficult for governments to monitor their financials. 

Source: https://www.forbes.com/sites/tomangell/2018/06/13/marijuana-banking-measure-rejected-by-congressional-committee/#301053c44208


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