HI HCR47

Requests the Commissioner of Financial Institutions to study the feasibility of establishing a state-operated financial institution to provide banking services exclusively to marijuana-related businesses in Hawaii.

Requires the Commissioner to determine capitalization requirements based on projected revenues from medical marijuana dispensary license applicants as reported to the Department of Health under Act 241, Session Laws of Hawaii 2015.

Directs the Department of Health to provide financial data necessary for the Commissioner to complete the study.

Requires the Commissioner to submit findings, recommendations, and any proposed legislation to the Legislature at least twenty days before the 2017 Regular Session convenes.

Addresses the problem that no private financial institutions are willing to service marijuana businesses due to federal law conflicts, forcing such businesses to operate on a cash-only basis and creating public safety and compliance concerns.