Legal marijuana sales are expected to hit 11 billion dollars this year.
The big business, could be coming here to North Dakota, if voters says ‘yes’ to Measure 3 on election day.
There are a lot of questions when it comes to legalizing weed, for businesses: what do you do with the money made?
There is one thing we know for sure, the State Bank of North Dakota says they will not take in any money from the legalized sale of Cannabis, regardless of voter’s decision on election day.
With marijuana still being illegal federally, many banks are hesitant to take in money from cannabis sales.
Banks run the risk of breaking U.S. money laundering laws. However, for the State Bank of North Dakota, that law wouldn’t apply to them.
The Bank of North Dakota is unique as the only state bank in the US. They are not regulated by the FDIC or the Federal Reserve.
We asked the Bank President Eric Hardmeyer why they will not work with marijuana related businesses.
Hardmeyer adds, “We think that there’s a federal fix out there that could happen and should happen, and when that does, we’ll reassess our view.”
He says the bank took this stance to avoid tension in it’s relationship with the Federal Reserve.