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- Title
THE UNINTENDED CONSEQUENCE TO LEGALIZING MARIJUANA USE: THE BANKING CONUNDRUM.
- Authors
SHU-ACQUAYE, FLORENCE
- Abstract
Marijuana is legal for either medicinal or recreational use in many states. However, the cultivation, use, possession, and sale of marijuana is illegal under federal law. Thus, a State that has legalized the use of marijuana is in direct conflict with federal law. This Article analyzes the problem legitimate marijuana businesses and financial institutions face regarding revenue from the cultivation and sale of marijuana. Specifically, this Article examines the risks a financial institution faces when in business with a legitimate marijuana business. Further, this Article recommends that Congress should act to create federal consistency in regulations concerning financial institutions that are in business with legitimate marijuana businesses.
- Subjects
MARIJUANA legalization; FEDERAL laws; MARIJUANA growing; NARCOTICS possession; UNITED States. Congress
- Publication
Cleveland State Law Review, 2016, Vol 64, Issue 2, p315
- ISSN
0009-8876
- Publication type
Article