Citizens favor allowing banks to accept marijuana cash - 268 citizens, 515 responses

Oct 21, 2015

Currently, banks are hesitant to offer financial services to marijuana-related businesses operating legally within state laws. Federal policies make it unclear whether banks would be protected from prosecution for allowing marijuana dispensaries and other such businesses to open accounts. In light of this issue, the Live Free or Die Alliance (LFDA) asked Facebook members, “Should NH’s Congressional delegation support legislation that would allow banks to accept deposits from legal marijuana businesses?” 

A total of 78% of respondents answered the question directly or with a concurrence. Out of these responses, a 98% majority favored supporting federal laws that would allow banks to work with legal marijuana businesses, with only 2% against. A further 18% opted to discuss the subject in broader terms, with 4% commenting on unrelated issues. In sum, 268citizens participated in the discussion with a total of 515 responses. 

The very strong majority in favor argued that federal policies should not inhibit banks from working with businesses that are operating within state laws. “If it's on the books and the business is legitimate there's no reason they shouldn't be able to use the banks,” said one citizen. “Federal banking laws should not make difficult the business of delivering an effective drug like marijuana to drug stores & patients in every state,” another argued. “We need to be business friendly and not discourage the financial windfall this will be for the state,” a respondent said. 

The small minority opposed to the change did not provide reasons for their position on this issue. 

Those opting not to give a yes or no response discussed broader issues such as whether marijuana should be legalized, or what role the government should play in regulating banking. “There's no such thing as a legal marijuana business when possession and distribution of marijuana are still federal offenses,” one citizen argued. “How about we tell the feds to mind their own business?” another wrote. 

Click here to read the full Facebook discussion of this question. 

Do you think federal rules should be changed to allow banks to serve legal marijuana businesses? Join the discussion. 

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