New guidelines for United States banks will make it easier than ever for legal marijuana businesses to open accounts.
Officials from the Obama administration gave details and instruction to banks in a memo issued Friday, the Los Angeles Times reported.
The statement, publicized by Atty. Gen. Eric H. Holder Jr. gave banks the choice to do business with marijuana vendors or not. Medical and recreational marijuana use is currently legal in some states, but is still illegal federally.
Under the new guidelines, federal prosecutors shouldn't automatically red flag banks that do business with marijuana sellers, especially if they're functioning within the proper legal channels.
There are also a new set of Treasury Department rules and regulations to follow.
President Obama and his administration have made it clear they won't crack down on marijuana use - a stance that's been criticized in the recent past.
DEA Administrator Michele Leonhart told sheriffs during a meeting that the President was being far too lenient with marijuana legislation, and that it appeared the United States was headed for federal legalization.
But the Administration has steadily mantained it won't move any further without Congressional consent.
