In response to President Donald Trump’s nomination of Jeff Sessions for Attorney General, Illinois State Treasurer Michael Frerichs announced on Jan. 24, 2017, that he sent a letter to Trump urging him to issue clear guidance to banks on working with the legal marijuana industry.
Under the Obama Administration, the legal marijuana industry had operated with some confidence that the federal government would not interfere with state marijuana laws; however, this latest transition of power has cast a pall of uncertainty over the industry.
In his letter, Frerichs urged Trump to provide clear assurance that responsible financial institutions would not face federal prosecution or penalties for working with state-licensed marijuana businesses.
“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 press release. “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.”