Gov. Hickenlooper praises marijuana banking announcement

Associated Press Updated: January 24, 2014 at 9:42 am • Published: January 24, 2014 0

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.

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