At The Podium
Banking Issues for Marijuana-Related Businesses
While the manufacturing, distribution and use of marijuana for medical purposes is now legal in Oklahoma, it remains illegal under federal law, creating a myriad of concerns for the financial industry.
While speaking at the Oklahoma Bankers Association’s 2019 Annual Convention, banking attorney Bob Luttrell takes a look at how the federal Controlled Substances Act comes into play for those considering doing business with marijuana-related businesses, highlights the potential penalties for violating federal law, and reviews the current administration’s approach to enforcing the law. The presentation also includes a review of the Secure and Fair Enforcement (SAFE) Banking Act, a bill currently making its way through Congress that is designed to create protections for depository institutions that provide financial services to cannabis-related legitimate businesses and their service providers.