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Aloha Green, a medical marijuana dispensary in Honolulu, in 2017.
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The state Department of Commerce and Consumer Affairs’ Division of Financial Institutions is pushing federal legislation to create a “safe harbor” for financial institutions that do business with medical marijuana dispensaries.
Hawaii joined with financial regulators from 24 states and territories to urge congressional leaders to consider passing bills to protect institutions that serve dispensaries or give states “full oversight and jurisdiction of cannabis-related activity.”
The group informed Congress about the barriers for those wanting to serve the legal cannabis industry and concerns over public safety and the regulation of funds, among other issues.
Hawaii legalized in 2000 the use of medical pot, which is still considered illegal under federal law.
As of March 31, 47 states and Washington, D.C., as well as the territories of Guam and Puerto Rico, have legalized the use of medical or recreational cannabis.