What is to be done with all of the cash that will be generated with Washington’s fully legal marijuana market? Seattle Times reporter Bob Young got behind the scenes as bank regulators hash out the details. Stay tuned. >>>>>>>>>
No quick fix for pot-banking problem - December 12, 2013 - by Bob Young
A solution to the pot industry’s lack of banking services apparently wasn’t found at a closed-door meeting today of high-level regulators, law enforcement and industry representatives in Washington, D.C.
Treasury Secretary Jack Lew said he understood the urgency of the problem and the “serious challenges” facing an all-cash, legal pot industry that would exist in Colorado and Washington states without banking services.
But, responding to questions from U.S. Rep. Denny Heck, D-Olympia, Lew wouldn’t commit to a timeline to fix the dilemma.
Banks now refuse to provide services to legal marijuana businesses because of the federal prohibition of all marijuana. Some in the pot industry hope regulators and law enforcement can come up with a solution short of a congressional change to drug laws, which is not expected any time soon.