Independent Banker - June 2017 - 58

Lender Life
Where is cannabis legal?
Some states allow recreational use, while others have banned it entirely.
Adult-use regulated law
Comprenensive medical marijuana law
CBD/low THC product law
Source: National Conference of State Legislatures, May 2017
even in a state where it's legal to sell
marijuana. " I know people who've
had to go to a new bank every few
months, " he says.
Nassau's plight and the banks'
dilemma reflect the contradictory
legal status of marijuana in the US. At
the federal level, marijuana is listed
as a Schedule 1 drug under the Controlled
Substances Act, classed with
heroin, LSD and ecstasy. Financial
transactions involving the proceeds
of such substances can be the basis
for prosecution. However, citizens of
28 states plus the District of Columbia
have voted to legalize medical
marijuana, according to the National
Conference of State Legislatures.
That puts the banks and the
industry in the middle of a federal-
state standoff. " As long as marijuana
is considered a Schedule 1 drug at
the federal level, that is a very big
challenge, " says David Haithcock,
executive vice president, executive
director, California Community
Banking Network. " State laws allow
for this business to be legal, but banks
aren't comfortable doing business
with them because there's a risk that
their charters could be threatened. "
Haithcock, who serves on the
California state treasurer's Cannabis
Banking Working Group, notes that
58 ICBA IndependentBanker June 2017
banks, like citizens, are divided on the
subject. " We have community banks
that don't make loans to liquor stores
and don't want to support marijuana
from a moral standpoint, " he
observes. " Other banks believe that if
marijuana is made legal in the state,
and they're dealing with a legal entity,
they will bank that legal entity. "
ICBA has not taken a pro or con
position on the legalization of marijuana.
" Our position is, how can we
help community banks if marijuana
is legal, and how can we help guide
them in the current situation where
it is legal at the state level? " says Lilly
Thomas, ICBA senior vice president

Independent Banker - June 2017

Table of Contents for the Digital Edition of Independent Banker - June 2017

Table of Contents
Independent Banker - June 2017 - Intro
Independent Banker - June 2017 - Cover1
Independent Banker - June 2017 - Cover2
Independent Banker - June 2017 - Table of Contents
Independent Banker - June 2017 - 2
Independent Banker - June 2017 - 3
Independent Banker - June 2017 - 4
Independent Banker - June 2017 - 5
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