The US government has said that it has issued new guidelines to address uncertainty surrounding Colorado's newly legal marijuana industry.

The newly legal industry is finding it difficult to open bank account due to the federal laws government the industry. The Justice Department and US Treasury have published a couple of memos aimed at addressing concerns of the banks, which are concern over dealing with the marijuana companies.

Banks in the country are regulated by the federal government that still bar use and sale of marijuana. Banks have expressed concerns that the federal law enforcement officials might take punitive action against the banks if they deal with the marijuana companies. The US government announced new guidance for banks Friday and will now allow banks to do business with legal marijuana dispensaries.

The Treasury's Financial Crimes Enforcement Network will now allow banks to accept money from marijuana shops as long as it is ensured that they are following laws. The states of Colorado and Washington have legalised recreational marijuana. However, state and federal laws are different in many areas, creating confusion for the banks in the country.

Sourse : Top New