The marijuana industry just got a huge assist from the Department of Justice, which will soon allow banks and marijuana shops to do business without fear of federal racketeering charges and robbery.
Yesterday, Attorney General Eric Holder said that the Obama administration will soon introduce regulation that will let marijuana-related businesses make cash deposits. On Jan. 1, the sale of marijuana for recreational purposes became legal in Colorado, generating over $5 million worth of sales during the first week of legalization.
However, banks have not allowed many businesses to make cash deposits; when they do, it's typically into personal accounts, which often triggers investigations. This new development, which coincides with President Obama's assertion that weed isn't all that bad, will alleviate safety concerns from businesses who have been forced to carry unsafe amounts of cash around.
The marijuana industry should be treated like an industry. At the end of the day, green is the priority.
[via Gawker and Richmond Times-Dispatch]