During an Akron Roundtable discussion Thursday, attorney Stephen Lenn shared a story he heard about a cash transaction involving the Arizona cannabis industry, when a government official sought to get the “stinking cash” out of his lobby.
While Lenn joked, the necessity to deal with cash is a serious issue for the cannabis industry because the plant still isn’t legal under federal law. This has resulted in an absence of U.S. regulations addressing if and how banks can work with cannabis clients, Lenn told the audience on a more serious note during his discussion, “Out of the Shadows—Cannabis Going Mainstream.”
Since Ohio voters passed Issue 2 to legalize adult-use, or recreational, cannabis Nov. 7, many questions remain about how legalization will be implemented. State lawmakers plan to make changes to the law before it goes into effect Dec. 7.
In his talk, Lenn primarily focused on potential business opportunities for people seeking to invest or operate in Ohio’s cannabis market.
“Why should you be interested?” he asked the Roundtable’s lunch crowd. “Because this is a once-in-a-lifetime opportunity for entrepreneurs and professionals to be involved in the creation of an entirely new industry from scratch.”
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