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Banks Appreciating Legalized Marijuana dealers May Benefit Medical Marijuana Inc. (OTCMKTS:MJNA)



Boston, MA, 08/13/2014 (medicalmarijuanareporter) -As per confirmed reports by one of the federal officials, on Tuesday that about 105 banks and other credit unions is ready to start business with legal marijuana dealers and manufacturers. This is a welcoming move for all marijuana related companies like Medical Marijuana Inc. (OTCMKTS:MJNA). This news suggests that the federal rules will be eased to promote legal marijuana sellers. In February 2014, Banks got green signal for financing marijuana business in those states, where marijuana has been legalized. This move was a step ahead to bring out the business from black shades into main stream to boost economy. However, banks were scared from federal law as marijuana selling in any form comes under punishable offense and federal law does not allow its selling.

Welcome Move

The director of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), Jennifer Shasky Calvery appreciated federal rules and regulations at an anti-money-laundering conference conducted on Tuesday. She believes that the federal law has intention to keep the financial activity in transparent and funds should be channelized to the right direction, in a regulated way. She did not reveal the names of banks or states which have agreed upon to begin business with Medical Marijuana Inc. (OTCMKTS:MJNA) sellers.

Process Of Alerting

Banks have to inform regulatory bodies if they find any kind of illegal activity related to money dealing and to prevent conflicts, new rules have been set up in the form of 3 marijuana related reports. These reports are “Marijuana Limited”, if dealer follows all federal rules and revenue does not go to any criminal. About 502 reports have been filed since this guidance came into action. If a dealer’s money is not exclusive from legal sales, Banks will alert authorities by sending “Marijuana Priority” report.123 of such reports have been filed by now. If a bank terminates its relationship with a marijuana dealer, “Marijuana Termination” report to be filed. FinCEN has received 475 of such reports till now.

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