UPDATE: On Marijuana, Feds Plan To Address Banking Issue - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

UPDATE: On Marijuana, Feds Plan To Address Banking Issue

Posted: Updated:

WASHINGTON (AP) - A Justice Department official says the federal government will enable financial institutions to transact business with the legitimate marijuana industry without fear of prosecution.
    
The issue has taken on greater urgency now that Colorado and Washington have become the first states to legalize recreational use of marijuana.
    
Currently, processing money from marijuana sales puts federally insured banks at risk of drug racketeering charges.
    
In an appearance before the Senate Judiciary Committee on Tuesday, Deputy Attorney General James Cole said the issue was one that the federal government needed to deal with.
    
The Justice Department announced Aug. 29 that it won't try to stop Colorado and Washington state from legalizing recreational marijuana use as long as they implement strong enforcement systems. Marijuana is an illegal drug under federal law.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • Top Stories from KHQTop StoriesMore>>

  • Murder trial now in the hands of the jury

    Murder trial now in the hands of the jury

    Tuesday, September 16 2014 9:29 PM EDT2014-09-17 01:29:24 GMT
    Closing arguments in the Charles Capone murder trial wrapped up Tuesday afternoon in Latah County. Capone is accused of murdering his estranged wife Rachael Anderson in 2010 and dumping her body in the Snake River. She has never been found.More >>
    Closing arguments in the Charles Capone murder trial wrapped up Tuesday afternoon in Latah County. Capone is accused of murdering his estranged wife Rachael Anderson in 2010 and dumping her body in the Snake River. She has never been found.
    More >>
  • Post Falls house fire ignites ammunition in garage

    Post Falls house fire ignites ammunition in garage

    Tuesday, September 16 2014 9:28 PM EDT2014-09-17 01:28:41 GMT
    POST FALLS, Idaho - Post Falls firefighters worried about ammunition and a propane grill while trying to distinguish a house fire late Monday night. Neighbor Y'vonne Marie says she woke up around midnight to sounds of the fire next door. She thought she was hearing fireworks, but later learned it was ammunition exploding in the garage of a home on fire.More >>
    POST FALLS, Idaho - Post Falls firefighters worried about ammunition and a propane grill while trying to distinguish a house fire late Monday night. Neighbor Y'vonne Marie says she woke up around midnight to sounds of the fire next door. She thought she was hearing fireworks, but later learned it was ammunition exploding in the garage of a home on fire.More >>
  • REPORT: E-cigarettes pose growing risk to children

    REPORT: E-cigarettes pose growing risk to children

    Tuesday, September 16 2014 8:33 PM EDT2014-09-17 00:33:40 GMT
    SPOKANE, Wash. - E-cigarettes poise a growing risk to children between the ages of one and three, according to a new report released by the Washington Poison Center.The popular device is designed as a safe alternative for smokers, but as their popularity increase, health officials say not enough is being done to keep them out of the hands of children. More >>
    SPOKANE, Wash. - E-cigarettes poise a growing risk to children between the ages of one and three, according to a new report released by the Washington Poison Center.The popular device is designed as a safe alternative for smokers, but as their popularity increase, health officials say not enough is being done to keep them out of the hands of children. More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KHQ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.