Colorado Springs News, Sports & Business

Gazette Premium Content Gov. Hickenlooper praises marijuana banking announcement

Associated Press Updated: January 24, 2014 at 9:42 am

DENVER — Colorado Gov. John Hickenlooper is responding with relief to word from federal officials that marijuana businesses will be allowed to access banking services.

Attorney General Eric Holder said Thursday that the Obama administration is planning to roll out regulations soon that would allow banks to do business with legal marijuana sellers.

Hickenlooper's spokesman released a statement Friday morning saying the news is welcome. Spokesman Eric Brown says Colorado hopes the guidance is specific.

Currently, processing money from marijuana sales puts federally insured banks at risk of drug racketeering charges.

Because of the threat of criminal prosecution, financial institutions often refuse to let marijuana-related businesses open accounts.

Comment Policy

Our commenting system has changed. Please register or login with your gazette.com account to comment on a story. Click here for information.

You've reached your 4 FREE premium stories this month

Get 4 more FREE stories

Simply register to continue.

Register

Subscribe now

Get access unlimited access to premium stories.

Subscribe
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
OCT
21
OCT
22
OCT
23
OCT
24
OCT
25
OCT
26
OCT
27
OCT
28
OCT
29
OCT
30
OCT
31
NOV
1
NOV
2
NOV
3
Advertisement