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Federal laws have banks turning away marijuana businesses

 


ANCHORAGE, Alaska (AP) – Federal laws tying

marijuana money with money laundering has banks turning away marijuana businesses.

While marijuana businesses will be able to get licenses and make sales starting May 2016 in Alaska, the cash involved is still taboo for banks, the Alaska Journal of Commerce reported.

A designation at the same level of heroin in the Controlled Substances Act means bankers don’t want to take the risk of handling money from pot businesses.

Alaska Marijuana Industry Association vice-president Brandon Emmett is an industry representative on Alaska’s Marijuana Co...



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