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Events • May 10, 2018 

# *Marijuana: An Unbanked Industry*

Marijuana is big business in the 29 states that have legalized medical cannabis and in several more that have legalized recreational use. However, the federal prohibition on marijuana prevents banks from serving legitimate marijuana clients—resulting in billions of dollars of marijuana-related profits being handled almost exclusively in cash. A new Federalist Society short documentary, “Medical Marijuana and Money Laundering,” tells the story. Join us May 10 for a screening followed by a roundtable discussion. We will explain the laws that create this peculiar situation, explore the problems it causes, and hash out some potential solutions.

[![Creative Commons License](/build/cato_2020/images/creative-commons.svg)](http://creativecommons.org/licenses/by-nc-sa/4.0/) 
This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/). 

##### Featuring 

![Matt Wood](/sites/cato.org/files/styles/author_picture/public/2024-03/matt-wood.jpeg?itok=kEvG6bZT) 

##### Matt Wood 

Director, FedSoc Studios

![Julie Hill circle](/sites/cato.org/files/styles/author_picture/public/2025-08/julie-hill-circle.jpeg?itok=KowCacUZ) 

##### Julie Hill 

University of Wyoming College of Law

##### John Hudak 

[![j-mironcropped.jpg](/sites/cato.org/files/styles/author_picture/public/2021-04/j-mironcropped.jpg?itok=dkHQXJBB)](/people/jeffrey-miron) 

##### [Jeffrey Miron](/people/jeffrey-miron)

Director, Graduate and Undergraduate Studies, Department of Economics at Harvard University

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](https://x.com/jeffreyamiron) [ 

](mailto:jmiron@cato.org) 

[![George Selgin](/sites/cato.org/files/styles/author_picture/public/2021-01/George%20Selgin.jpg?itok=daUqyD5g)](/people/george-selgin) 

##### [George Selgin](/people/george-selgin)

Former Senior Fellow and Director Emeritus, Center for Monetary and Financial Alternatives, Cato Institute

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](https://x.com/GeorgeSelgin) [ 

](mailto:gselgin@cato.org)