- Obama goes shopping at Gap as minimum-wage thanks
- N.J. woman charged after client dies from black-market butt injections
- CIA chief Brennan ‘determined’ to speak out more this year
- Reset? What reset? U.S.-Russia ties at worst since Cold War
- 9/11 terror plotter released in Syrian prisoner swap
- D.C. elections board gives green light to marijuana legalization initiative
- Elephants can tell difference between human languages: study
- Libyan prime minister ousted by parliament
- Men’s Wearhouse to buy Jos A Bank for $1.8B
- Boston bomb squad destroys unattended pressure cooker: report
Medical-marijuana dispensaries seek own bank for pot of money
Cash-only entities face federal hurdle
“This bill attempts to address this big problem for the industry, the lack of financial services. But what it cannot do is get around the federal money-laundering piece of this,” said Sam Kamin, a law professor at the University of Denver who follows marijuana regulations.
Threat of federal intervention appears to be growing. American Express announced last May it would no longer handle medical marijuana-related transactions because of fear of federal prosecution. A month later, U.S. Deputy Attorney General James M. Cole gave banks an explicit directive about pot.
“Those who engage in transactions involving the proceeds of such activity may also be in violation of federal money-laundering statutes and other federal financing laws,” Mr. Cole wrote in a memo that spooked the few small banks still doing business with marijuana growers and sellers.
TWT Video Picks
By David Keene
Conference showed that the values Reagan cherished still endure
- House Democrats trying to force unemployment insurance vote
- Kim Jong-un calls for execution of 33 Christians
- FCC targets black conservative in TV station fight
- Hillary Clinton campaign received funds from Jeffrey Thompson
- Sharyl Attkisson resigns from CBS after months of talks
- U.S. pilot scares off Iranians with 'Top Gun'-worthy stunt: 'You really ought to go home'
- Senate Democrats, Republicans spar over restoring unemployment benefits
- PRUDEN: Missing airliner, stolen passports fuel wild speculation
- Atheists sue to remove 'Ground Zero Cross' from 9/11 museum
- Obamacare enrollment hits 4.2 million, but slowing
Pope Francis meets his 'mini-me'
Celebrity deaths in 2014
Winter storm hits states — again