On Thursday, Jan. 23, U.S. Attorney General Eric Holder made headlines when he said that the Departments of Justice and Treasury are working on guidance to allow banks to provide services to state-legal cannabis-related businesses. Though Holder set no deadline for the new guidelines to be released, his comment that they would come “very soon” inspired optimism that a fix for the current banking crisis could be imminent.

NCIA applauded the Attorney General’s comments with a statement from executive director Aaron Smith:

“For the legal, regulated cannabis industry, this is very welcome news. We have been anxiously awaiting clarity on the banking issue from the Justice and Treasury Departments for many months. To hear that guidance will be issued ‘very soon’ is encouraging. It’s critical that we fix this issue before February 20, when our Colorado members must pay their first round of state taxes, or the Colorado Department of Revenue may be forced to accept more than $1 million in cash payments.

We’re grateful to Attorney General Holder and other federal officials who have been working to resolve this crisis. The safety of our members is threatened by the current lack of banking access and this resolution cannot come soon enough.”

Despite the encouraging words from the A.G., we know it’s far too early to declare victory on the banking issue. NCIA will continue to put pressure on both regulators and members of Congress to produce a sustainable solution for the industry’s banking needs.

It is also important to note that Representatives Ed Perlmutter (D-CO) and Denny Heck (D-WA), along with 23 bipartisan co-sponsors, have introduced the Marijuana Businesses Access to Banking Act (H.R. 2652). This piece of congressional legislation, if passed, would provide statutory protection to banks that provide services to marijuana businesses.

More stories on A.G. Holder’s comments:

• Legal Marijuana Businesses Should Have Access to Banks, Holder Says (New York Times)
• Holder: Banks Should Be Able To Handle Pot Money (Time)
• U.S. to adjust rules to let banks handle marijuana money – Holder (Reuters)