Marijuana was officially legalized for recreational use in Colorado as of Jan. 1 2014, but being that it’s still currently illegal both federally and in the 49 remaining states, the flow of funds associated with the sale of weed could cause headaches for financial institutions. Fortunately, the Department of Justice (DOJ) is expected to offer guidelines to financial institutions in a memo that the Wall Street Journal reports should be coming any day. But banks remain nervous that the guidelines do not go far enough to protect them.

Under current federal law, any bank institution caught accepting deposits from known drug dealers would be in violation of money-laundering laws. Deposits that are suspect require the bank involved to fill out suspicious activity reports. Financial firms are concerned that similar regulations could be used to charge them when dealing with Colorado-based marijuana sales.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.