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Fear shrouds official marijuana banking in New York

Fear shrouds official marijuana banking in New York

Latoya Jackman
marijuana banking

Marijuana banking is now official in New York, but fear continues.

The Department of Financial Services in New York has issued new policies, allowing marijuana banking in the Big Apple.

Throughout the US, states, where marijuana is legal, have requested that banks and financial institutions to be allowed to work with marijuana businesses.

The new policy, issued earlier this month, states that New York will not penalize any bank or financial institution that works with marijuana businesses once they follow all regulations.

The department argued that dealing with cash creates a public safety issue for cannabis companies, and poses risks for people investing in those green businesses.

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While banks in New York are granted the permission on a state level, they are still concerned about proceeding since marijuana continues to be illegal federally.

So far, many banks have continued to withhold their services.

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