Explanation of Bill - HTML Format
Explanation of Bill
This bill, known as Legislative Document No. 788, is a resolution that instructs the Treasurer of State in Maine to study and develop potential options for meeting the banking needs of individuals and businesses in the cannabis industry. The Treasurer of State will collaborate with the Finance Authority of Maine, the Department of Administrative and Financial Services' office of cannabis policy, and other relevant state agencies or organizations to conduct this review.
The study will involve examining banking solutions implemented in other states where cannabis use has been legalized, as well as ongoing efforts at the federal level to address banking challenges faced by the cannabis industry. Additionally, the bill encourages the Maine Legislature to consider taking actions that could encourage federal action in developing banking solutions for the cannabis industry.
By December 6, 2023, the Treasurer of State is required to submit a report detailing the findings and recommendations from the review to the Joint Standing Committee on Veterans and Legal Affairs. This committee is then authorized to propose legislation based on the report during the Second Regular Session of the 131st Legislature.