In A Statement Released In January, State Treasurer Michael Frerichs Said The Presidents Approach To The Issue Could Impact The Future Of Medical Marijuana In The State Of Illinois.

In a statement released in January, State Treasurer Michael Frerichs said the presidents approach to the issue could impact the future of medical marijuana in the state of Illinois. He has sent a letter to the president, asking for his guidance on the issue. Related: The Wishful Outlook for Marijuana Jobs in 2017 While 28 states have legalized medical marijuana and eight have legalized recreational marijuana, cannabis remains illegal at the federal level. That means working with the cannabis industry violates federal law, although federal policy under President Barack Obama took a hands-off approach. Banks have largely stayed away from the cannabis industry. That has left most marijuana businesses operating on a cash-only basis.In the letter, Frerichs said that this has left the legal cannabis industry with limited confidence it will not face criminal prosecution from federal officials. Frerichs asked Trump for some assurance that responsible financial institutions will not face criminal charges or penalties for offering services to state-licensed legal marijuana growers and dispensaries. He said such guidance could give marijuana businesses Medical marijuana the confidence to move forward, and also assure medical marijuana users they can continue to buy cannabis legally. 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 the 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. Big banks already work with marijuana businesses.

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