Criminal,
Banking,
Administrative/Regulatory
Jan. 8, 2018
Policy shift creates uncertainty for cannabis banking services
The Sessions memo will not stop the cannabis industry in its tracks -- there's too much momentum. But it will likely chill, if not halt, progress on one of the largest impediments facing the cannabis industry today: the lack of access to banking services.
Attorney General Jeff Sessions has declared war on the cannabis industry by rescinding the memorandum issued by Deputy Attorney General Jim Cole in August 2013. While the Cole memo did not legalize the growth, sale or possession of cannabis -- or make a promises that state-legal cannabis conduct would not be prosecuted federally -- it nonetheless was accepted as a pseudo-guarantee that the Obama administration was taking a hands-off approach and letting the state-lega...
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