Government,
Banking
Apr. 2, 2019
Bill looks to end standoff over banking with cannabis businesses
It’s still illegal at the federal level, so where there is business — and cannabis business is thriving — what are banks to do?
Matthew Zandi
Senior Managing Director
Guidepost Solutions
Pepperdine Univ SOL
Matthew is a former Orange County deputy district attorney, senior trial lawyer at the U.S. Department of Justice, assistant U.S attorney, and counsel at Nixon Peabody, he has extensive experience in both the public and private sectors with more than 40 trials in state, federal and international courts. Mr. Zandi is nationally recognized as one of the leading experts in Qui Tam, fraud and various state and federal whistleblower statutes.
The legalization of cannabis continues to gain momentum: It is legal in at least some capacity in 33 states and the District of Columbia, and counting. The Catch-22 is that marijuana is illegal at the federal level. Where there is business -- and cannabis business is thriving -- what are banks to do? As banks are often risk averse, due to the veritable deluge of unknowns involved, -most are not willing to throw themselves wholeheartedly into offering banking services ...
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