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Illinois Banks Could Work with Medical Marijuana Companies

Illinois Banks Could Work with Medical Marijuana Companies

Illinois Banks Could Work with Medical Marijuana Companies

The U.S. Attorney for the Northern District of Illinois publicly stated that Illinois banks will not be targeted for prosecution if they accept money from marijuana businesses. Zach Fardon just says that banks have to carefully abide by state laws.

Fardon’s words echoed the 2013 memo from U.S. Deputy Attorney General James Cole, which directs prosecutors to prioritize cases where children have access to marijuana, cases involving gangs, cartels, violence, stoned driving or the sale of other illegal drugs. These eight areas should be the focus, and not businesses within the marijuana industry that are adhering to strict state standards.

Still, Fardon recognizes that banks have “legitimate concerns” but should be okay if they are “transparent.”


About Michael Mayes

As Chief Executive Officer for Quantum 9, Inc., Michael has assisted in funding some of the largest commercial cannabis projects in the world. Michael has been a cannabis investor since 2009 in Colorado’s first legal for-profit cannabis market. As the co-founder and CEO of Quantum 9, Inc., Michael has spent years designing technology and collaborating with countless consultants on the forefront of the cannabis industry. Collaborating with the brightest minds and contributing to world-class organizations has been an incredibly enlightening and rewarding experience for him. Also, he has amassed a comprehensive and award-winning team engaged globally for public policy best practices through the prioritization of environmental sustainability and patient care. Michael is a member of the International Cannabinoid Research Society (ICRS), contributor to Marijuana Business Daily, quoted in the Chicago Tribune, Tampa Tribune, Yahoo Finance, Tampa Tribune, Sativa Magazine, CBC and the Daily Herald. His media appearances include several CBS and WGN appearances and international presence on BNN Commodities in Canada. On the public policy front, Michael and his team were instrumental in their work of drafting the Kentucky Medical Marijuana Bill for Senator Perry Clark. Most recently, Michael taught a class for the International Pharmaceutical Academy in Toronto, Canada. He spoke on Cannabis Pharmacology, and the effects cannabis has on the endocannabinoid system.

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