Pubdate: Thu, 03 Oct 2013 Source: Denver Post (CO) Copyright: 2013 The Denver Post Corp Contact: http://www.denverpost.com/ Details: http://www.mapinc.org/media/122 Author: John Ingold Page: 5A GOVERNORS URGE SOLUTION ON POT BANKING Colorado Gov. John Hickenlooper and Washington state Gov. Jay Inslee on Wednesday sent a letter to federal financial officials asking for a solution to the banking blockade against marijuana businesses. Allowing pot shops to have access to banking services and credit-card processing is "a necessary component in ensuring a highly regulated marijuana system that will accurately track funds, prevent criminal involvement and promote public safety," the governors wrote in the letter. They asked federal officials to issue "inter-agency guidance" that would provide an exemption from federal rules to make banks more comfortable working with marijuana businesses. "Our states will soon be licensing hundreds of retail stores, each of which will, without a normal banking relationship, be forced to conduct business on an allcash basis," the letter states. "This creates an unnecessary inviting target for criminal activity." Banks are reluctant to work with marijuana businesses - even ones complying with state laws-because of federal rules against taking the money of criminal enterprises, which all marijuana businesses are under federal law. But, last month, a Justice Department memo lessened the threat of criminal prosecution against state-legal marijuana businesses that follow the rules and are tightly regulated. Hickenlooper and Inslee wrote in their letter that the Justice Department showed "bold leadership" in issuing that memo.