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.”