National Weed Day (4/20) comes as the marijuana legalization movement gains momentum. On April 17, Pennsylvania became the 24th state in the nation to legalize medical marijuana. Recreational use is now legal in four states and some 20 states may vote on different forms of legalization in November.
But it's becoming clearer that banking, anti-money laundering, and marijuana laws and regulations have not kept up with the changing views on weed and are holding back entrepreneurs trying to navigate the minefield of conflicting federal and state laws. Congress and bank regulators at a minimum should update rules and regulations to deal with reality and take banks out of the marijuana debate.