As of Jan. 1, marijuana could be legally purchased and possessed in the state of Colorado. This change in law, however, has failed to win over at least one group of businesses.

Because the substance remains illegal under federal law, banks such as Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) are refusing to provide them with financial products (loans, checking accounts, etc.) for fear of running afoul of federal money laundering rules. In the following video, Fool contributor John Maxfield, the author of a recent in-depth series on the industry, discusses what this means for the business going forward.

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Erin Miller has no position in any stocks mentioned. John Maxfield owns shares of Bank of America. The Motley Fool recommends Bank of America and Wells Fargo. The Motley Fool owns shares of Bank of America and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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