Buckley Webcast: Smoke and mirrors — Navigating the regulatory landscape in banking the marijuana industry
An increasing number of states have enacted laws legalizing marijuana for medicinal and recreational use, but federal law continues to prohibit the manufacture, distribution, or dispensing of marijuana. The conflict between state and federal law has created uncertainty for financial institutions looking to offer services to marijuana-related businesses, as well as to landlords, contractors, and other vendors supporting the industry. The regulators have provided little guidance in this area and, while federal legislation seems to be gaining momentum, the prospects of passing laws that address the problem remain uncertain.
Buckley attorneys Dan Stipano, Fredrick Levin, Katie Halliday, and Ben Hutten discussed the current state of the law, due-diligence procedures for financial institutions that are providing or considering providing services to marijuana-related businesses, issues giving rise to litigation, and legislative developments. Panelists from Buckley's Bank Secrecy Act and Complex Civil Litigation practice groups provided practical advice to institutions, discussed lessons to be learned, and offered clear, practical steps necessary to prepare for upcoming examinations.
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