HI HCR136

Requests the Hawaii Bankers Association to provide an opinion on whether financial institutions and staff serving medical marijuana-related businesses face federal civil or criminal prosecution risk.

Cites the August 2013 Cole Memorandum establishing federal enforcement priorities for marijuana prosecution, including preventing distribution to minors, revenue to criminal enterprises, and diversion to other states.

References the February 2014 Cole Memorandum II clarifying that financial institutions serving marijuana businesses not compliant with state regulatory systems risk prosecution under money laundering statutes and the Bank Secrecy Act.

Notes that Hawaii financial institutions' refusal to serve medical marijuana businesses would force operators to conduct business solely in cash, increasing operational risks and potentially encouraging illegal activities.

Requires the Hawaii Bankers Association to submit its report to the Legislature at least 20 days before the 2016 Regular Session convening, with copies to the Governor, Attorney General, and Director of Health.