Banks in New York should feel free to open accounts for medical marijuana and hemp business without fear of being punished by state regulators, Gov. Andrew Cuomo’s administration said on Tuesday.
Despite the fact that a growing number of states are moving to allow medical cannabis or recreational marijuana, its use, production and sales remain illegal under federal law.
And that means that many banks refrain from serving related businesses out of fear of running afoul of federal money laundering and drug laws.
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Tom Angell ~ MarijuanaMoment.net ~
