Do You Feel Lucky, Banker? The Shaky Prospects for Financial Transactions with Marijuana-Related Businesses1
Brad Scheick is a senior counsel in Miller Starr Regalia’s Walnut Creek office. He represents financial institutions, property owners, developers, and retail and office tenants in a broad range of real estate and related business transactions. Brad is Miller Starr Regalia’s Financial Services Practice Group Leader.
This article (a) provides an overview of the primary federal laws and regulations governing financial institutions, and the potential penalties thereunder, that have prevented the banking industry from becoming more engaged with the state-legal marijuana industry, (b) describes various federal actions that have been taken to address these concerns and to increase banking access for state-legal marijuana-related businesses, and (c) discusses the implications of these federal actions for marijuana-related businesses and those businesses that service them.