At The Podium
Banking Marijuana-Related Businesses in Oklahoma
On June 26, 2018, Oklahomans will go to the polls to vote on whether medical marijuana should be legalized in the state. While the new law, if passed, will pave the way for an influx of new marijuana-related businesses (MRBs), it will also create all-new challenges and risks for the financial institutions that desire to bank them, as marijuana remains a Schedule 1 illegal drug under the federal Controlled Substances Act.
In their presentation at the 2018 Community Bankers Leadership & Senior Management Conferenced sponsored by the Oklahoman Bankers Association on April 10, 2018, attorneys Bruce Crum and Kaitlyn Chaney provide an overview of State Question 788, discuss the federal government’s current stance on enforcing the Controlled Substances Act, and review the practical implications of providing financial services to businesses both directly and indirectly involved in the medical marijuana industry.