With a record of 17 wins and six losses, the Ridgway Lady Demons girls basketball season ended in Durango on Saturday after a 47 to 42 loss against Paonia in the 2A Region 3 Championship match. Photo by Bill Tiedje Read more...
|COLORADO Fed guidelines unclear for banking with marijuana||| Print ||
Additionally, the FinCEN memo acknowledges that financial institutions must file "suspicious activity reports" for all marijuana businesses as required by the Bank Secrecy Act, however it draws a distinction between those vendors that violate state law or implicate one of Cole's enforcement priorities and those that don't. If a bank deems that a business is in violation of laws, the bank will file a "marijuana priority" SAR; all others will be filed as a "marijuana limited" report.
Medical marijuana use is legal in 20 states and Washington, D.C., and Colorado and Washington are the only two states so far to legalize the drug for recreational use. Still, cannabis is illegal at the federal level and is considered a Schedule I drug under the Controlled Substance Act.
As a result, many banks have been leery to interact with the marijuana industry, and pot retailers, including Ridgway's Acme Healing Center, have had problems working with financial institutions.
In a statement from the Colorado Bankers Association, also released Friday, the organization notes that the memo only "reiterates reason for prosecution" and is "simply a modified reporting system for banks to use." It is also noted that the guidelines impose a heavy burden on banks to know and control their customers' activities. "No bank can comply," the statement read.
"After a series of red lights, we expected this guidance to be a yellow one," said Don Childears, president and CEO of the CBA. "This isn't close to that. At best, this amounts to 'serve these customers at your own risk' and it emphasizes all of the risks. This light is red."
Dave Niccum, manager at Acme Healing Center in Ridgway, said that banks, as well as the industry, are going through their series of "growing pains" right now. Though he could not comment on banking activity for his company, Niccum stated that the business is looking forward to new opportunities in banking for the industry as a whole.
"It is important that a solution be reached, and soon," said Childears. "Banking services would greatly resolve state regulations and taxation issues, serve customers and businesses in legal transactions and help public safety."
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Final: Ridgway girls lose 47-42 to Paonia after a valiant 4th quarter comeback attempt.
Update: 45-42, Crozier hits 2 from the line.
Update: 52 seconds, 45-40 Paonia
Update: 2:19 remaining, Paonia on top 43-34
Update: Paonia up 43-32 in 4th Qtr.
Update: Paonia up 25-21 at half.
Update: Paonia up 21-19 in 2nd Qtr.
Update: Tied 13-13 end of 1st Qtr.
Update: Teams trade leads early - Ridgway up 9-8.
Update: Ridgway girls are up 6-0 early in Durango.
Follow all the action of the Ridgway girls basketball team vs. Paonia right now on Twitter, @ocplaindealer
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