Voters in Washington and Colorado just approved measures legalizing marijuana for recreational use. But businesses that want to sell marijuana in those states will face a problem: No bank wants to do business with them.
I called several banks in Washington. I called a local credit union, a tiny bank in the San Juan islands. Everybody said basically the same thing. Even if selling marijuana is legal under state law, it's still illegal under federal law. And banks and credit unions worry that this could get them in trouble.
Now a pair of historic votes among last night's many ballots measures. Voters in Colorado and Washington State passed initiatives legalizing the recreational use of marijuana. But as the governor of Colorado said last night, don't break out the Cheetos or Goldfish too quickly
NPR's Wendy Kaufman reports that the measures are in direct conflict with federal law.