The marijuana market has an unlikely new ally thanks to legalization: The Treasurer of the State of Illinois.
Illinois legalized medical marijuana in 2013, and decriminalized possession of marijuana in mid-2016. (Since then, in that state, marijuana possession can result in fines but no jailtime.)
However, Federal law still prohibits banks from processing funds generated by legal marijuana. In light of several states’ legalization measures, President Barack Obama stated enforcement of those laws would not be a priority.
Frerichs wants that same assurance from President Trump.
“Medical marijuana is not right for everyone. However, its positive results for those with debilitating conditions, including Veterans and children threatened by seizures, are undeniable,” Frerichs said in a statement. “Updating our banking laws to embrace commonsense change will allow Illinois to properly manage this reasonable program, guarantee uninterrupted access to medical users, and protect financial institutions that serve the industry.”