Pot and banking don’t mix, the Ohio Bankers League said Wednesday in opposing a November election proposal to legalize marijuana.
“Our board of directors voted to oppose state Issue 3 because of the conflict it would create between state and federal law,” Mike Adelman, league president and chief executive officer, said in a statement.
The league represents 200 large and small commercial and savings banks and savings and loan associations, with assets up to $3 trillion.
Adelman said the board decided to oppose Issue 3, a proposed state constitutional amendment that would legalize marijuana use for recreational and medicinal purposes, because marijuana is illegal at the federal level. Thus, if Ohio institutions handled financial transactions for marijuana businesses, they could be in violation of several federal laws, including the Controlled Substances Act, the Bank Secrecy Act, the Patriot Act and the Racketeer Influenced and Corrupt Organizations Act. [Read more at the Columbus Dispatch]
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