New marijuana banking brief details recent developments

NAFCU has a new version of its marijuana banking brief available online to provide credit unions with comprehensive updates on IRS guidance, litigation, federal legislative efforts, and state-level marijuana laws.

While NAFCU has not and will not take a position on the legalization or decriminalization of marijuana, the association has developed resources and provides updates on the political and regulatory landscape surrounding marijuana banking to help credit unions better understand the current state of play in this area.

Here’s a look at some of the key updates included in the new brief:

• State laws: After the 2020 election, there are now 36 states that have legalized medical marijuana and 15 that have legalized adult use of the drug. NAFCU’s new brief provides some background on the legalization movement, noting that it is still categorized as a Schedule I substance at the federal level.

 

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