Medical marijuana advocates are applauding a new memorandum (PDF) issued Feb. 14 by the US departments of Treasury and Justice giving long-awaited guidance to financial institutions to provide services to cannabis-related businesses in states where such commerce is legal. The memo "clarifies customer due diligence expectations and reporting requirements for financial institutions seeking to provide services to marijuana businesses," said a press release issued by the Treasury Department's Financial Crimes Enforcement Network (FinCEN). The memo also includes clarity for credit card service companies, such as VISA and MasterCard, whose services for cannabis-related businesses had also been suspended for years.
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