In a previous post we looked at some of the challenges posed by the interplay between state and federal laws and the guidance that impacts how banks could service marijuana business that are legal at the state level but not at the federal level.
The Financial Crimes Enforcement Network (FinCEN) and U.S. Department of Justice (DOJ) released guidance for financial institutions on servicing marijuana-related businesses in early 2015. While no doubt appreciated by the banking community, it may not make financial institutions more confident in servicing these businesses.
