By Josefa Velasquez
ALBANY — While states have been in the forefront of legal marijuana expansion, the banking industry in New York and elsewhere is still shy about collecting revenue from a Schedule I substance that’s still illegal at the federal level.
Banking is a major hurdle for the legal medical marijuana business, lawyers say. Big banks are reluctant to get involved because of the uncertainty around federal anti-money laundering and other statutes aimed at discouraging moving illegal cash around.
Seth Goldberg, a partner at Duane Morris in Philadelphia whose practice encompasses health care, pharmaceuticals and cannabis/hemp, told the New York Law Journal recently that the “banking problem has depressed the growth” of medical marijuana in the United States, including California.
Read more at the New York Law Journal