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A lack of licensing for marijuana producers make it impossible for credit unions to verify the businesses are operating legally.

It’s been eight months since the U.S. Department of Treasury’s Financial Crimes Enforcement Network issued banking guidelines for state-licensed marijuana businesses, which some heralded as a way to usher the budding industry into the mainstream.

But since then, some credit unions have closed accounts belonging to cannabis companies due to concerns about federal repercussions, according to industry insiders.


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