Legalization of recreational adult-use marijuana was on the ballot once again this November and, as counting draws to a close, voters have shown their support. Of the five states where legalization was on the ticket, voters in Maryland and Missouri elected to join the 19 states that have already legalized recreational use. Should the votes stand, recreational marijuana is now legal in 21 states, and a resounding 37 states allow medical use to varying degrees. See Marijuana Laws and Ballot Measures in the U.S., Ballotpedia.org (last accessed Nov. 10, 2022).

Yet, the state-legal marijuana-related businesses (MRBs) that service this growing market remain underbanked with limited access to investment capital due to a fragmented regulatory landscape. As Congressional attempts at legislation remain stagnant, and guidance from federal agencies ages, MRBs and the financial institutions that serve them face a growing issue—disparate state laws and the resurgence of the dormant commerce clause.

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