These guidelines, together with the Treasury Department's guidance to financial institutions, are intended to increase the availability of financial services for marijuana businesses - that are licensed and regulated - while at the same time preserving and enhancing important law enforcement tools.

The banking initiative was welcome by longtime decriminalization advocates, but at least one lawyer who works with SoCal cannabis collectives is saying that California MMJ businesses might have to wait before they open accounts.

The guidelines say that banks must "conduct customer due diligence" and verify "with the appropriate state authorities whether the business is duly licensed and registered." Unfortunately, California doesn't have a state licenses for marijuana businesses, as the attorney notes.

There have been many legislative attempts, and there will surely be more, to create such a licensing framework for California. It's probably only a matter of time. And the attorney said that some dispensaries could argue that local city licenses should suffice.