Page 27 - Advocacy Playbook

Marijuana and banking

Law enforcement’s statement that a bank is safe from penalty if it chooses to serve the mari-
juana industry using their guidance is disingenuous. When Bank Security Act and Anti-
Money Laundering compliance is questioned later (by bank regulatory agencies) or when it is
asserted that the bank knowingly accepted deposits from a federally illegal activity, a bank
can still face catastrophic penalties.

Banks must comply with dozens of federal
requirements to serve marijuana businesses,
including:

 Ensure the marijuana being sold
is not used on Federal land

 Ensure the marijuana sold isn’t
provided to minors

 Ensure the marijuana sold isn’t
transported out-of-state, and 5
other similar requirements.

It’s nearly impossible for any bank to comply.

As far as banks are concerned, the light is still red. While federal prosecutors claim that banks are
safe from prosecution if they follow their guidance, it does not protect them from who they really
fear: their regulators.

The only true and

lasting solution to this
issue is literally an Act
of Congress.

The Colorado Bankers Association supports a carve-out in federal law for
banks operating in states where marijuana has been legalized and where there
exists an appropriate regulatory scheme, to allow marijuana businesses to have
the banking services they need and deserve.

7

27