SACRAMENTO—Most banks will continue to shy away from doing business with the marijuana industry, even as more states legalize the drug’s use, until Congress provides concrete legal protection for financial institutions, a banking regulation expert told California’s Cannabis Banking Working Group on Friday.
Julie Anderson Hill, a professor at the University of Alabama School of Law, said attempts to skirt federal restrictions on marijuana banking—from state-chartered institutions to third-party cash-handlers—usually only “work for a short period of time until everyone figures out what’s going on.”
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