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Marijuana law expert talks banks

Marijuana law expert talks banks

By Justin Dullum Tue, Sep 02, 2014

Hilary Bricken, an attorney working in Washington for Canna Law Group, a practice group of Harris Moure, PLLC, Seattle, specializes in advocating for marijuana growers and distributors. Washington State legalized marijuana earlier this year. The NorthWest Weekly asked Bricken about how banks are currently approaching the new industry.

Q: If I’m a bank on the fence about opening an account for a marijuana shop, what might convince me it’s safe to move ahead?
Hilary Bricken: Essentially, the fact that the business has a license or permit to operate from the state. Banks which are engaging in the industry pretty much require the same level of due diligence on the marijuana business as the state does, and having a state license is typically a pre-requisite to obtaining a bank account. In addition, banks have also asked for organized corporate documents and a comprehensive business plan before they’ll do business with a marijuana entity.

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