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Home / Business / Federal Government Says They May Remove Protections for Banks Working with Marijuana Industry

Federal Government Says They May Remove Protections for Banks Working with Marijuana Industry

By Joseph Misulonas

After Jeff Sessions decided to rescind a policy protecting marijuana businesses in legal states, many wondered how the industry would actually be affected. But it appears we may see the first area where businesses will be hit.

A staff member at the Department of Treasury told a member of Congress that they are considering ending a policy that allows banks to work with marijuana businesses. The policy, known as the FinCEN document, laid out guidelines for banks on how to open and operate accounts with marijuana businesses without triggering interference from the federal government. But in light of Sessions’ move last month, the Treasury Department says it may change their policies as well.

Read more at Civilized.

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