The push for marijuana legalization in Ohio has been dealt a blow by the state’s financial establishment.
The Ohio Bankers League (OBL) voted to oppose Issue 3 that would legalize both recreational and medical marijuana in the state. OBL, which has 210 members, fears a clash between the federal and state laws surrounding marijuana regulation.
“Marijuana is illegal at the federal level, and handling proceeds connected to marijuana-related businesses also remains illegal – regardless of state law,” said Mike Adelman, CEO of the Ohio Bankers League.
Issue 3 “would put the Ohio banking industry in an untenable position and would render the marijuana industry an all-cash business, creating public safety issues and money laundering concerns,” he added. The group would reconsider its position if federal laws were reformed.
