Resolve, Directmg the Treasurer of State to Review and Develop Options for Meetmg the Bankmg Needs of the Cannabis Industry
Maine Legislature, Session 131, LD 0788
Committee Amendment CA_A_S83 (Senate)

COMMITTEE AMENDMENT "f) "to SP 347, L D 788, "Resolve, Directmg the 
Treasurer of State to Review and Develop Options for Meetmg the Bankmg Needs of the 
Cannabis Industry" 
Amend the resolve by stnkmg out the title and substitutmg the followmg 
'Resolve, Estabhshmg the Comm1ss10n to Review and Develop Options for Meetmg 
the Bankmg Needs of the Cannabis Industry' 
Amend the resolve by stnkmg out everythmg after the title and msertmg the followmg 
'Sec. 1. Commission established. Resolved: That the Commission to Review 
and Develop Opt10ns for Meetmg the Bankmg Needs of the Cannabis Industry, referred to 
m this resolve as "the commiss10n," 1s established 
Sec. 2 Commission membership. Resolved. That the commiss10n consists of 
members appomted as follows 
Four members of the Senate appomted by the President of the Senate, mcludmg 
members from each of the 2 parties holdmg the largest number of seats m the Legislature 
and at least one member from the J omt Standmg Committee on Health Coverage, Insm ance 
and Fmancial Services, and 
Five members of the House of Representatives appomted by the Speaker of the 
House, mcludmg members from each of the 2 parties holdmg the largest number of seats 
m the Legislature and at least one member from the Jomt Standmg Committee on Veterans 
and Legal Affa1rs and one member from the Jomt Standmg Committee on Taxation 
Sec. 3. Chairs. Resolved: That the first-named Senate member 1s the Senate chair 
and the first-named House of Representatives member is the House chatr of the 
comm1ss10n 
Sec. 4. 
Appomtments; convening of commission. 
Resolved: 
That all 
appomtments must be made no later than 30 days followmg the effective date of this 
resolve The appomtmg authorities shall notify the Executive Director of the Legislative 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT" A "to s p 347, L D 788 ( s~ 8 3J 
Council once all appomtments have been completed After appointment of all members, 
the chairs shall call and convene the first meetmg of the commission If 30 days or more 
after the effective date of this resolve a maJonty of but not all appointments have been 
made, the chairs may request authonty and the Legislative Council may grant authority for 
the commiss10n to meet and conduct its business 
Sec. 5. Duties. Resolved: That the commiss10n has the following duties 
Examine actions taken m other states that have legahzed cannabis use to address the 
bankmg needs of individuals and busmesses mvolved in the cannabis mdustry, 
Evaluate proposals to address the issues under subsect10n 1 at the federal level and 
opportumtles to advocate for federal action, 
Examine barriers and costs to the cannabis mdustry for bankmg services compared 
to other businesses and consider ways to reduce unnecessary barriers and costs, 
Consider the extent to which the State can facilitate and encourage banks and credit 
umons m the State to provide services to the cannabis mdustry or develop other payment 
processing systems for the cannabis mdustry, 
Evaluate the abihty to estabhsh a state-owned bank or to authorize an umnsured 
bank operatmg with 100% reserves to provide financial services to the cannabis mdustry, 
and 
Consider any other matters pertammg to the banking needs of the cannabis mdustry 
considered necessary by the commiss10n 
Sec. 6 Staff assistance. Resolved: That the Legislative Council shall provide 
necessary staffing services to the comm1ss1on, except that Legislative Council staff support 
1s not authorized when the Legislature is m regular or special sess10n 
Sec. 7. Stakeholder partmpation. Resolved: That the commission may mv1te 
the part1c1pat10n of stakeholders to part1c1pate m meetmgs or subcommittee meetmgs of 
the comm1ss1on to ensure the comm1ss10n has the mfonnat10n and expertise necessary to 
fulfill its duties, mcludmg, but not hm1ted to, representatives of the Department of 
Professional and Fmanc1al Regulation, Bureau of Fmancial Inst1tut10ns, the Department of 
Adm1mstrative and Fmancial Services' office of cannabis pohcy, the Bureau of Revenue 
Services, the Treasurer of State, the Office of the Attorney General, the Fmance Authority 
of Mame, the Mame Bankers Association, the Mame Credit Umon League, and statewide 
associations of md1v1duals and busmesses m the adult use and medical cannabis mdustries 
Sec. 8. Report. Resolved: That, notw1thstandmg Jomt Rule 353, the comm1ss1on 
shall submit a report that includes its findings and recommendations, mcludmg suggested 
legislation, to the JOmt standmg committee of the Legislature having JUnsd1ct10n over 
health coverage, msurance and financial services matters no later than January 15, 2024 
The Jomt standing committee may report out a bill based on the report to the 131 st 
Legislature m 2024 
Sec. 9. Outside fundmg. Resolved: That the commission shall seek fundmg 
contribut10ns to fully fund the costs of the study All fundmg is subJect to approval by the 
Legislative Council m accordance with its policies ' 
COMMITTEE AMENDMENT 
,. 
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I 
COMMITTEE AMENDMENT" P,. "to SP 347, L D 788 ( S-0 ~ 
Amend the resolve by relettenng or renumbering any nonconsecutive Part letter or 
sect10n number to read consecutively 
SUMMARY 
This amendment replaces the resolve and is the ma_ionty report of the committee 
The amendment establishes the Commission to Review and Develop Options for 
Meetmg the Bankmg Needs of the Cannabis Industry The commission has 9 legislative 
members, mcludmg members who serve on the Jomt Standmg Committee on Health 
Coverage, Insurance and Fmanc1al Services, the Jomt Standmg Committee on Veterans 
and Legal Affairs and the Jomt Standmg Committee on Taxation The comm1ss1on is 
directed to review opt10ns for meetmg the bank.mg needs of mdiv1duals and busmesses 
mvolved m the adult use cannabis and medical cannabis mdustnes m the State The 
comm1ss1on 1s reqmred to submit a report based on the review by January 15, 2024 to the 
Jomt Standmg Committee on Health Coverage, Insurance and Fmanc1al Services, which 1s 
authorized to submit leg1slat10n based on the report to the 131st Legislature m 2024 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved 04/22/23 ;,;,,ac 
LD788 
LR 1958(02) 
Resolve, Directing the Treasurer of State to ReVIew and Develop Options for Meetmg the Bankmg 
Needs of the Cannabis Industry 
Legislative Cost/Study 
Fiscal Note for Bill as Amended by Committee Amendment '~"( s-- o'":>) 
Committee: Health Coverage, Insurance and Financial SerVIces ' 
Fiscal Note Reqmred: Yes 
Fiscal Note 
Legislative Cost/Study 
The general operatmg expenses ofth1s study are projected to be $6,550 m fiscal year 2023-24 The Leg1slatu1e's 
proposed budget for the 2024-2025 biennium mcludes $14,500 m each of fiscal years 2023-24 and 2024-25 for the 
costs of legislative studies, as well as $2,234 m projected balances from fiscal year 2022-23 and $36,777 ofbalancei, 
earned over from pnor years for this purpose Whether these amounts are sufficient to fund all studies will depend o 
the number of studies authonzed by the Legislative Council and the Legislature The additional costs of providmg 
staffing assistance to the study dunng the mtenm can be absorbed utihzmg existmg budgeted staff resources 
Fiscal Detail and Notes 
If requested, additional costs to the vanous state agencies to participate m reviewmg opt10ns for meetmg the bankmg 
needs of mdividuals and busmesses mvolved m the adult-use cannabis and medical cannabis mdustnes m the State are 
assumed to be mmor and can be absorbed withm existing budgeted resources 
LR1958(02) - Fiscal Note - Page 1 of l