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.