Bradley partner Slates Veazey was quoted in the Mississippi Business Journal on challenges with Mississippi’s medical marijuana program.
A change in congressional direction could convince the Mississippi Legislature to let state-chartered banks and credit unions accept cannabis-business deposits, a move that lawmakers rejected in killing a 2021 bill to allow financial services to the medical marijuana industry. That option is still alive in the proposed federal Secure and Fair Enforcement (SAFE) Banking Act, passed by the U.S. House in April 2021 with strong bipartisan support. The measure is in the Senate, still awaiting consideration by the Committee on Banking, Housing and Urban Affairs.
It is true that monetary success in new pot ventures is within reach, said Veazey.
Navigating the banking system will be a challenge, Veazey cautioned. “I think people see a lot of upside here,” he said. “But there is certainly some risk” in the financial services category.
The complete article, "Watchers of Mississippi’s budding medical pot market expect robust participation,” was published by the Mississippi Business Journal on March 25, 2022. (login requited)