Money Laundering Concerns Prompt Ohio Banks To Weigh In On Legal Pot

OHIO: The board of the Ohio Bankers League voted to oppose legalizing marijuana, citing concerns about money laundering.

Ohio voters will decide Nov. 3 whether to approve Issue 3, which would legalize marijuana for personal and medical use.

The proposed constitutional amendment was drafted by ResponsibleOhio, a political action committee. Issue 3 would permit 10 marijuana farms. Each would be owned by one of 10 investment groups, which contributed $2 million apiece to fund the PAC’s $20 million campaign to legalize pot. Investors include prominent Cincinnatians such as Frank Wood, CEO of the venture capital firm Secret Works.