Democrats urge feds to update banking ‘red flags’ on legal marijuana businesses ...Middle East

Twenty members of Congress, who mostly represent states where recreational marijuana is legal, said in a Nov. 21, 2023 letter that 2014 guidance from the Treasury Department’s Financial Crimes Enforcement Network to put “red flags” on marijuana businesses hurts the businesses’ chances of securing banking services or loans. Marijuana products are seen on display at Apothecarium Dispensary on April 21, 2022 in Maplewood, New Jersey. (Michael M. Santiago/Getty Images)The federal government unfairly penalizes state-legal marijuana businesses whose owners have been convicted of marijuana-related crimes, restricting them from loans and other banking tools, a group of U.S. Senate and House Democrat

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