Bankers oppose legal weed

The Ohio Bankers League is opposed to state Issue 3, which seeks to legalize marijuana for recreational and medicinal use, on the grounds that it would conflict with federal law.

Ohio Bankers League Chief Executive Mike Adelman said in a written statement: “Marijuana is illegal at the federal level and handling proceeds connected to marijuana-related businesses also remains illegal - regardless of state law. To bank marijuana-related businesses, financial institutions would be in violation of the Controlled Substances Act, the Bank Secrecy Act, the Patriot Act and the Racketeer Influenced and Corrupt Organizations Act.”

As a result, Ohio bankers would be in an untenable position and marijuana would be an all cash business in Ohio, he said.

The league opposes Issue 3 and supports Issue 2, which is designed to block Issue 3 and prevent businesses from using the Ohio Constitution to create a monopoly, oligopoly or cartel.

Washington Pot 2 002

Thank you for reading the Dayton Daily News and for supporting local journalism. Subscribers: log in for access to your daily ePaper and premium newsletters.

Thank you for supporting in-depth local journalism with your subscription to the Dayton Daily News. Get more news when you want it with email newsletters just for subscribers. Sign up here.

About the Author