U.S. House Votes to Prevent Feds from Penalizing Banks Taking Pot Money
It’s seen as a positive step by pot stores in our state, but most banks still won’t touch drug money even if it’s legal.
Even though pot is legal in Washington state, pot store operators who just opened at the beginning of July basically have no place to take their money, except one credit union.
Numerica, a Spokane-area based credit union, said they would accept marijuana related money, but limited the sources where it comes from. They will accept money from pot growers, but not the stores themselves.
The U.S. House of Representatives this week approved a bill that would prevent the DEA (Drug Enforcement Agency) from utilizing any financial resources to go after banks that choose to accept pot money in WA and Colorado.
Critics say the bill undermines drug laws in states where pot is not legal. Supporters say while it’s encouraging, the vote doesn’t guarantee banks immunity for taking pot money.
So while it may be a step in the desired direction for the pot industry, it’s no closer to a banking resolution.
Newstalk 870 has spoken with some people within the banking and credit union industries, and they basically won’t consider touching legal pot money until pot is officially legalized at the Federal level.
Until then, banks will continue to treat pot money like it’s toxic poison.