Banks open for business with marijuana dealers

WASHINGTON (BP) — Banks can do business with marijuana dealers according to a new set of guidelines issued by the Obama administration that could be used to pressure Congress to change federal law regarding the drug, which has been legalized in several states. Because marijuana remains a Schedule 1 drug along with heroin, LSD and Ecstasy under the Controlled Substances Act, federal law prohibits banks from conducting business with marijuana sellers. But the Obama administration, in separate advisories from the Treasury Department and the Justice Department on Feb. 14, attempted to ease concerns about prosecution in states where the drug can be sold legally.

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State Baptist newspaper serving Baptists in Alabama, providing information, inspiration and interpretation as well as challenging readers to serve and find opportunities for ministry that further the kingdom of God.
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