Banks’ Apprehension to Work With Marijuana Market

Saying ‘Yes’ to Marijuana Money, New Bank Comes to Florida
– Florida Politics

Manatt’s Craig Miller, a co-chair in the firm’s financial services transactions practice, and Anita Boomstein, a partner in the firm’s global payments practice, contributed to an article in Florida Politics to discuss banks’ relationships with the medical marijuana industry.

The publication noted that Justin Costello of GRN Funds brought his firm to Florida to provide banking services to those in the medical marijuana industry because big banks are nervous about mingling with the industry.

“While banks would love to tap into the growing market, concerns remain about how to reconcile such activities given that the possession and sale of marijuana remains illegal under federal [law],” noted Miller and Boomstein.

Read the article here

manatt-black

ATTORNEY ADVERTISING

pursuant to New York DR 2-101(f)

© 2024 Manatt, Phelps & Phillips, LLP.

All rights reserved