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Home 🌿 Marijuana Business News 🌿 Ohio Banking Industry Deals Blow To Campaign For Marijuana Legalization 🌿Ohio Banking Industry Deals Blow To Campaign For Marijuana Legalization
The ballot initiative, which will be decided Nov. 3, would also permit Ohioans to grow small amounts of marijuana in their homes while commercial growing would be limited to 10 sites.
Ohio banks could fall foul of a host of federal laws if they served marijuana businesses including the Bank Secrecy Act, U.S. Controlled Substances Act, the Racketeer Influenced and Corrupt Organizations Act and the Patriot Act.
Pro-legalization groups tried to convince the industry group that it would have nothing to fear by offering services to marijuana businesses, should Issue 3 pass. “The Yes on 3 Amendment does not require Ohio banks to take the billions of dollars generated from Ohio’s regulated marijuana industry. Therefore, the Ohio Bankers League has no legitimate concerns to deposit,” said Ian James, executive director of ResponsibleOhio.
As things stand, ResponsibleOhio appear to be on the winning side of public opinion with a Quinnipiac University Poll...
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