Pot and banking don’t mix, the Ohio Bankers League said Wednesday in opposing a November election proposal to legalize marijuana.
“Our board of directors voted to oppose state Issue 3 because of the conflict it would create between state and federal law,” Mike Adelman, league president and chief executive officer, said in a statement.
The league represents 200 large and small commercial and savings banks and savings and loan associations, with assets up to $3 trillion.
Ian James, Executive Director of ResponsibleOhio
The Yes on 3 Amendment does not require Ohio banks to take the billions of dollars generated from Ohio’s regulated marijuana industry. Therefore, the Ohio Bankers League has no legitimate concerns to deposit.
Read Alan Johnson’s “Ohio bankers oppose marijuana-legalization plan because of conflicts with federal laws”: http://www.dispatch.com/content/stories/local/2015/10/01/bankers-oppose-pot-plan-because-of-federal-law.html