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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.

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