Obama administration opens banks to marijuana businesses

The Obama administration on Friday issued guidelines that potentially open banks to marijuana businesses in states like Colorado and Washington, where sales of the drug are permitted.

The Treasury Department will require that banks file reports on marijuana businesses “to satisfy regulatory obligations in this area.” The Financial Crimes Enforcement Network, a division of the Treasury, said the information will give law enforcement greater insight into marijuana business activity, according to Fox News.

Read more from Fox News.