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Treasurer Asks Trump To Ensure Banking for Medical Marijuana

Marijuana Banks

Illinois Treasurer Mike Frerichs is seeking an answer from the Trump administration in regards to letting legally operating marijuana businesses have access to banks.

The Obama administration wasn’t going to act on prosecuting banks doing business with legally operating marijuana businesses, according to Northern Public Radio, and Frerichs wants Trump to ensure the same.

Frerichs said, “Updating our banking laws to embrace common sense change will allow Illinois to properly manage this reasonable program, guarantee uninterrupted access to medical users, and protect financial institutions that serve the industry.”

In Illinois, the medical marijuana program is a “pilot program,” meaning it’s not guaranteed that the program will continue after 2020. If Illinois dispensaries can’t get access to banks, it may mean the state’s program will end. Since November 2015, the state has sold $38 million in medical marijuana, which is a lot of cash to have to stash.

The Trump Administration hasn’t touched the subject of medical or recreational marijuana yet, so there may be an extended waiting period before Treasurer Frerichs has an answer.

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