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Editorial: Feds drag feet on banking access for marijuana industry

Editorial: Feds drag feet on banking access for marijuana industry

Originally published August 26, 2014 at 2:53 PM | Page modified August 26, 2014 at 2:57 PM

Federal banking guidance for the growing marijuana industry hasn’t worked well enough. Lack of effective action on banking access puts merchants at risk.

WASHINGTON’S legal-marijuana market is still in its infancy, but in the first month of stores being open for business, the state has collected about $750,000 in state excise taxes.

That’s welcome news, because those sales represent a poke in the eye — albeit a small jab — at the underground black market. Revenues will grow.

But when they do, the problem with banking access for the marijuana market will also grow. The state Legislature hasn’t tried to untangle that problem, and the federal response thus far has been anemic.

http://seattletimes.com/html/editorials/2024394178_editmarijuanabanking26xml.html






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