About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

101 Wash. Univ. L. Rev. Online 1 (2023-2024)

handle is hein.journals/wshuvylw101 and id is 1 raw text is: Washington University Law Review Online VOLUME 101 2023 WHY U.S. STATES NEED THEIR OWN CANNABIS INDUSTRY BANKS CHRISTOPH HENKEL* & RANDALL K. JOHNSON** ABSTRACT The legal cannabis trade is the fastest growing industry in the United States. In 2019, about 48.2 million Americans used the drug at least once.' As such, it is easy to see why the legal cannabis trade may generate annual revenues exceeding $30 billion in Fiscal Year 2022 alone.2 One inconvenient truth, however, is that the parties to any cannabis trade may face a range of difficulties due to conflicts between federal and state laws.3 These difficulties include the fact that many financial institutions are reluctant to handle cannabis proceeds. One reason is that a * Professor of Law, Drake University Law School. ** Professor of Law, University of Missouri-Kansas City, School of Law. 1. See Marijuana and Public Health, Data and Statistics, CTRS. FOR DISEASE CONTROL & PREVENTION (June 8, 2021), https://www.cdc.gov/marijuana/data-statistics.htm [https://perma.cc/E34J- GXKZ]. 2. See Report: U.S. Cannabis Sales CouldExceed $30Billion by 2022, BuRNs & WILCOX (Aug. 4, 2021), https://www.burnsandwilcox.com/insights/report-u-s-cannabis-sales-could-exceed-30-billion- by-2022/#:~:text=Legal%/o20cannabis%/o20sales%/o20in%/o20the%/020U.S.%o20could%/o20exceed,reaching %20%2428%20billion%20in%20yearlyo20sales%20by%202022 [https://perma.cc/J5SP-XC3X] (explaining that [1]egal cannabis sales in the U.S. could exceed $30 billion by 2022). 3. See Legal Info. Inst., Conflict of Laws, CORNELL L. SCH. (Aug. 2022), https://www.law.cornell.edu/wex/conflictoflaws#:~:text=Conflict%200fPo2Olaws%20refers%20to,r esolve%20each%20issue%20in%20dispute [https://perma.cc/VPD3-BHHJ] (defining the term to mean that [c]onflict of laws refers to a difference between the laws of two or more jurisdictions with some connection to a case, such that the outcome depends on which jurisdiction's law will be used to resolve each issue in dispute. The conflicting legal rules may come from U.S. federal law, the laws of U.S. states, or the laws of other countries.). 1

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most