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Taking It To The Bank: The Need For A Federal Legislative Safe Harbor For Financial Institutions Offering Services To State-Legal Marijuana-Related Businesses, Andrew Bloomfield
Taking It To The Bank: The Need For A Federal Legislative Safe Harbor For Financial Institutions Offering Services To State-Legal Marijuana-Related Businesses, Andrew Bloomfield
Journal of Civil Rights and Economic Development
(Excerpt)
Imagine that you are a small business owner. Rather than opening a new coffee shop, craft brewery, or chic clothing store, you decide to enter one of the fastest-growing industries in the country: marijuana (also referred to herein as “cannabis”). Your state, Washington, has recently legalized recreational use of marijuana, and your new marijuana-related business (MRB), Plantworks, has joined thousands of other licensed producers to supply the new growing market.
You and your business partner lease 2,500 square feet of industrial workspace in Seattle’s North End and produce several pounds of high-quality “craft” cannabis for distribution to local dispensaries. …