Tax Collector In California Wants To Bank Legal Pot

32993072_sBut those businesses despite a well-publicized Justice Department memo regarding banking for the marijuana sector are operating in a gray area, said Chris Pippett, a partner at Pennsylvania law firm Fox Rothschild LLP.

“Those memos basically state the government is not going to devote resources to prosecution. This is not permission,” he said. Financial institutions willing to take the risk often small credit unions can expect to find themselves saddled with additional paperwork. “Its a lot more work than most banks and credit unions are probably used to doing,” Pippett said.

During a recent public hearing in California , Janet Sanchez, senior vice president of the Community Credit Union of Southern Humboldt, said her credit union had opened just a handful of cannabis-related accounts.

To read more, visit http://news.yahoo.com/california-s-tax-collector-wants-to-bank-its-legal-cannabis-businesses-215236805.html

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