ABSTRACT

Financial Services for Marijuana Businesses [November 27, 2019]   [open pdf - 399KB]

From the Document: "A number of states have adopted laws permitting marijuana sales and other marijuana-related activities, even though those same activities remain unlawful under federal drug and financial laws. Because of the legal risks under federal law, many financial institutions reportedly are unwilling to provide state-authorized marijuana businesses common banking products and services, such as debit or credit card payment services, electronic payroll services, and checking accounts. This, in turn, reportedly has stifled growth of state-authorized marijuana businesses and forced these businesses to operate exclusively in cash, raising concerns about, among other things, public safety and tax collection compliance. This In Focus analyzes the legal liability that financial institutions risk by serving marijuana businesses given the discordant state and federal marijuana legal regimes."

Report Number:
CRS In Focus, IF11373
Author:
Publisher:
Date:
2019-11-27
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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