Illinois Treasurer Urges Trump to Let Banks Work with Marijuana Industry
SPRINGFIELD, IL Illinois State Treasurer Michael Frerichs on Monday sent a letter to President Trump asking for clear guidance in allowing banks to do business with the marijuana industry.
Illinois is one of 28 states that allows medical marijuana under a state-supervised program.
Federal law currently prohibits banks from processing money from customers working in the legal marijuana industry, making it difficult for marijuana related businesses todo everything from opening checking accounts to securing loans, while restricting customers to cash-only transactions. Cash-only transactions can make it difficult for state regulators toproperly audit sales, verify that taxes are being collected properly, andinvites criminal activity at retail locations.
Frerichs sent Trump a letter Monday encouraging the administrationto issue guidelines to assure that responsible financial institutions will not face penalties or prosecution for conducting business with state-licensed marijuana cultivators and dispensaries, according to a press release issued by Frerichs office.
Medical marijuana is not right for everyone. However, its positive ...
