Illinois Treasurer Requests Trump to Assure Banks on Marijuana

 

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Illinois’s Treasurer Michael Frerichs is urging President Donald Trump to clear guidance to the banking industry so medical marijuana can continue being offered. Frerichs wrote a letter to President Trump asking that banks would not face penalties for doing business with state-licensed marijuana cultivators and dispensaries. Federal law prohibits banks from processing money used in the legal marijuana industry. Frerichs says businesses can have trouble getting loans and it restricts customers to cash-only transactions.