The Elko Daily Free Press is counting down the days until marijuana is legal in Nevada by answering questions concerning the law.
Q: Can legal dealers of marijuana use banks for their transactions?
A: Most banks wont take cannabis cash, according to Business Insider, because marijuana is still iillegal under federal law, and banks have to comply with federal regulations.
While its possible for banks to accept pot cash without violating federal law, they have to take many additional steps to ensure theyre in compliance, stated the publication.
California Treasurer John Chiang on Friday appealed to President-elect Donald Trump for guidance on how the states projected $7 billion marijuana industry can participate in the nations banking system, reported The Associated Press.
The conflict between federal and state rules creates a number of difficulties for states that have legalized cannabis use, including collecting taxes, increased risk of serious crime and the inability of a legal industry under state law to engage in banking and commerce, Chiang wrote to Trump.
We have a year to develop a system that works in California and which addresses the many issues that exist as a result of the federal-state legal conflict, he added. Uncertainty about the position of your administration creates even more of a challenge.
News Moderator: Katelyn Baker
Full Article: Countdown To Marijuana – Can Legal Dealers Bank Their Cash?
Author: Staff
Contact: 775-738-3118
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Website: Elko Daily Free Press
