marijuana banking

Ted S. Warren / AP Photo

The House voted Wednesday in support of making it easier for banks to do business with legal pot shops and providers of medical marijuana.

The 236-186 vote rejected a move by Rep. John Fleming, R-La., to block the Treasury Department from implementing guidance it issued in February telling banks how to report on their dealings with marijuana-related businesses without running afoul of federal money-laundering laws.

AP Photo

Marijuana businesses in Washington may soon be able to open a bank account. The Obama administration on Friday issued new guidance to banks regarding drug proceeds.

The three-page memo by the Department of Justice signals that banks that do business with licensed, above-board marijuana businesses likely won’t face prosecution.