6 Best Practices For Banks Serving The Marijuana Industry

Law360 (November 23, 2020, 3:57 PM EST) -- With the 2020 election in the books, you can add Arizona, Montana, New Jersey and South Dakota to the tally of states that have legalized recreational marijuana.

Although marijuana remains illegal under federal law, the majority of states and the District of Columbia have legalized the use of medical marijuana, with varying degrees of restriction, and now 15 states and the District of Columbia have approved at least some degree of both recreational and medical use.

While most financial institutions continue to avoid the industry, an increasing number of banks and credit unions have begun providing banking services to dispensaries, growers...

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