Banking and Marijuana Unlikely Partners in Fighting Crime?
State Law Vs. Federal law
Federal Law
MARIJUANA
State Law
US legalizing the Use of Marijuana
Medical Use Recreational Use
U.S. Marijuana Sale Estimate
Federal Law
State Law
No currently accepted medical use in the United States
Texas deeming possession, sale or cultivation illegal
Classifies marijuana as a Schedule I drug
Alaska permitting the cultivation of up to 24 plants per individual
% Increase in Supporters seeking to legalize the use of Marijuana
When you own a business that the federal government deems legal, you enjoy liberties you don’t think twice about – writing a check out for payments, paying taxes online, seeking a business loan, and so on. Federal law considers the marijuana industry an illegal. National banking system has to stay in accordance with federal law, thus the banking system becomes off limits to marijuana dispensaries. This means a lot of cash transactions and huge service tax the government loses out on every fiscal year.
Law enforcement can target drug cartels instead of legitimate marijuana businesses that stay in accordance with the law.
Given the climate of change and, a banking compliance program that seeks to be inclusive of these businesses and their needs is on the cards for most banks.
Navigating The Laws
For more on Marijuana Compliance
Visit our listed below webinars
• Effect of the Marijuana Laws in the Workplace - Mary Jane Brought Pot Brownies Deirdre Kamber Todd • Banking and Marijuana: When Federal and State Laws Collide – Warren R Markowitz
• Workplace Drug and Alcohol Testing - Current Issues on Medical Marijuana, K2, S Kent Peterson