Pot legalization puts bankers in a pickle

[xchrom]

http://www.reuters.com/article/2012/11/08/us-usa-marijuana-votes-banking-idUSBRE8A71JX20121108

ST. LOUIS, Nov 8 (Thomson Reuters Accelus) - Colorado and Washington may have voted to legalize recreational marijuana, but it is far from a green light for banks to provide accounts or other services to the pot industry in those states.

Financial institutions across the country still face legal risks if they do business with marijuana shops because pot remains illegal under federal law.

"If financial institutions are federally licensed or insured, they must comply with federal regulations, and those regulations are clear about conducting financial transactions with money generated by the sale of narcotics," said Jim Dowling, a former Internal Revenue Service special agent who also acted as an anti-money laundering advisor to the Office of National Drug Control Policy.

The ballot measures on Tuesday made Colorado and Washington the first states to permit recreational marijuana sale and use. Medical-marijuana laws have been around in some states for more than a decade.

[Uben]

1. Poor bastards....

...they'll have to let those who have venture capital make all the money while they sit on the sidelines. That's gotta hurt!

[rsweets]

2. within a year or two when people learn how to grow thier own

the money will be in the hemp industry ...

[KansDem]

3. Where are the Tenth Amendmenters on this?

Will they come out in droves to support states' rights?

Or will they be conspicuously silent, like during Bush v. Gore.

Besides, I don't recall too many banks getting involved during my days of "recreational cannabis." All I needed was a closet, some seeds, a grow light, and Frank's and Rosenthal's "Marijuana Grower's Guide."

Bankers were the last thing on my mind...

edited to add: