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Cash Isn't King: A Call on Congress for Legislative Reformation of Federal Banking Laws to Facilitate the Marijuana Industry in the United States

Colorado amassed over $1 billion in recreational marijuana sales in 2016. As just one of nine jurisdictions that already allows adults to consume marijuana recreationally, the national sales numbers will soon reach eleven figures. However, as is well known, marijuana is a Schedule I drug, and therefore touching money associated with it in any way is illegal. That’s eleven figures of cold, hard cash with nowhere to go. In many cases it’s forced, literally, underground. Thus, it’s imperative for Congress to amend outdated banking laws in order to facilitate the marijuana industry, which shows no signs of slowing. While states have implemented their own exhaustive regulatory frameworks to ensure their newest industry operates safely and in accordance with public policy, and while the Department of Justice is still, technically, operating under the former administration’s guidance toward prosecutorial discretion, the stakes are too high to rely solely on intrinsically unstable executive guidance. Instead, Congress must enact legislation to reconcile counterproductive banking laws with this safe and prosperous new industry. This paper analyzes the current state of federal banking law in the context of the marijuana industry, and suggests comprehensive statutory modifications that would propel it into legitimacy, while simultaneously ensuring that marijuana businesses do not become facades for criminal organizations. With these statutory modifications, it’s possible to both facilitate the legitimate marijuana industry and maintain robust anti-drug laws. Policymakers who champion banking reform will ultimately walk away with the personal and electoral satisfaction of knowing they were instrumental in the development of one of the largest industries in the world.