Bipartisan Group of State Attorney Generals Demand Bank Protection Law

With the Cole Memo, which provided marijuana states protection from federal interference or prosecution, banks felt secure following guidelines originated by the U.S. Treasury’s Financial Crimes Enforcement Network in 2014. The guidelines outline how banks“>banks should handle marijuana business dealings. Now that the protection has been rescinded by Sessions, the guidelines are unclear, and the uncertainty may prompt financial institutions to start to closing accounts with marijuana business customers. Banks are currently prohibited from securing funds for marijuana businesses under federal law, but because marijuana is legal under state law, with the protection, banks opened accounts with business operating according to state regulations.

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About The Weed Blog

Since its inception, TWB has been based in activism and the mobilization and movements for marijuana policy reform happening around the country. It was created for one purpose: to facilitate a constructive conversation about marijuana in America. This includes both medical and recreational marijuana policy, as well as the marijuana industry and culture.