•January 25, 2017•

The availability of medical marijuana in Illinois is in jeopardy depending upon how the President Donald Trump administration approaches the enforcement of marijuana and banking laws, Illinois State Treasurer Michael Frerichs said.

Current federal law prohibits banks from processing money used in the legal marijuana industry, even state-licensed medical marijuana in Illinois. This makes it difficult for businesses to secure loans and restricts customers to cash-only transactions.

The legal marijuana industry has operated with limited confidence it will not face criminal prosecution after President Barack Obama’s Justice Department stated it would not prioritize the enforcement of federal marijuana laws knowing that many states have legalized some marijuana use.     Login or Subscribe to read the rest of this story.