November 17, 2024 2:25 am
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Laura Bianchi, Rose Law Group partner and Cannabis Dept. director, talks to AzBigMedia about the complexities of cannabis banking

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AZBigMedia

Could new legislation or a federal marijuana banking law cause current banking and cannabis business restrictions to go up in smoke? While pending legislation may hint at the possibility, Arizona leaders say it might be slightly premature to bank on anything just yet.

Presently, any cannabis-related business remains illegal under federal law. This means that although medical marijuana dispensaries can legally own and operate a licensed facility, when it comes to banking, they face significant roadblocks because of the federal law.

As long as cannabis remains illegal under federal law, federally governed banks and credit unions will not risk getting into the cannabis business.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.