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Even as protesters decrying how out of touch bankers are with everyday Americans are occupying Wall Street, home of America’s banking industry, many financial institutions in states where medical marijuana is legal are refusing to do business with cannabis dispensaries.
Sixteen states and the District of Columbia have legalized medicinal marijuana, but possession or sale of cannabis for any use is still illegal under federal law. It is this disconnect that is giving rise to an unwillingness on the part of many banks to do business with the marijuana collectives.
The banks fear that federal regulators will target them, reports Kathryn Glass at Fox Business, because the federal government says that banks which do business with dispensaries are supporting activities that are illegal under federal law.