Welcome to

Chicago – Polling shows that voter approval of medical marijuana is likely this November. State lawmakers in Chicago for a national legislative conference are being told to be ready for a banking dilemma. And as Mike Vasilinda tells us, it is a problem already being faced by the small number of dispensaries in the state.

When Trulieve opened the first low THC dispensary, it’s first sale was a cash transaction. That’s because no bank wanted to touch the pot tainted money for fear of federal regulators.

At this conference in Chicago, the Colorado Bankers Association told lawmakers from across the country that no matter what states do, pot is still an illegal schedule one drug in the eyes of the Federal Government.

“Its basically a question of following federal law and taking on very large liabilities if you don’t” says CBA President Don Childears

Marijuana is already a seven billion dollar a year business, but lawmakers here in Chicago were told  that is going triple by the year 2020.”

Cannabis has its own trade association which is asking local lawmakers to put pressure on Washington. Taylor West represents the Natl. Cannabis Industry Assn.

“This businesses are often being forced to operate in cash, or with bank accounts that can be taken way at any moment” fears West.

St. Petersburg State Senator Jeff Brandes says the ultimate solution is for the US to take marijuana out of the list of schedule one drugs.

“It really is a federal challenge that we are dealing with, but other states, other marijuana providers have found away to deal with it.

Oregon, which legalized marijuana a year old, recently passed a bill saying banks can’t be penalized for dealing with legal businesses, but lawmakers there admit its more of a message to Washington that anything else.

The Federal Food and Drug Administration can cage the way marijuana is scheduled without congressional approval, but it has been slow too do so. Legislation to order the change has passed both the House and Senate, but at separate times.