Offit Kurman Featured in The National Law Journal
Marijuana at the Polls Poses Headache for Regulators, Catnip for Firms
Voters in California and four other states on Tuesday could open a wider door to legalized recreational marijuana, posing substantial regulatory challenges and deepening the tension between state and federal drug laws.
Due diligence requirements outlined by the federal government are costly for banks and don’t shield them from liability if they do something wrong in handling pot clients’ money, said a cannabis attorney from Offit Kurman’s Baltimore office. Banks often segregate marijuana money from other funds, a process that makes it more expensive to process drug money than transactions from other businesses.
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