Barclay Damon
Barclay Damon
NEWS RELEASE

Marijuana Venture: Banking Considerations in the Cannabis Industry and the Law of Unintended Consequences

David Burch, partner, had his article "Banking Considerations in the Cannabis Industry and the Law of Unintended Consequences" published by Marijuana Venture. The full article can be located below.

"With the current push for the legalization of recreational cannabis across several states, the cannabis industry is being forced to face difficult choices with respect to banking options.

Of course, marijuana remains illegal under federal law and is classified as a Schedule I drug under the Controlled Substances Act. This makes it a federal crime to grow, distribute, dispense, or possess marijuana, and it is also illegal to operate a business with the purpose of manufacturing, distributing, or using marijuana.

As a result, banks remain hesitant to deal with cannabis businesses because they are unwilling to bear the risk of being charged with money laundering or racketeering, since marijuana is still federally illegal."

Read the full article here.