Stay away from pot money in banks

Posted on January 24, 2017
Mike Frerichs
Illinois State Treasurer Michael Frerichs is asking the Trump administration to assure banks that they can process money used in the medical marijuana industry. (WJBC file photo)

By RFD Radio/WFMB

SPRINGFIELD – The medical marijuana business in Illinois is growing, so the need for dispensaries and growing operations to have access to banks and loans is important.

However, the Trump Administration may not be ready to protect the industry. State Treasurer Mike Frerichs said he wants the new administration to protect them.

“Updating our banking laws to address common sense change will allow Illinois to properly manage this reasonable program guarantee uninterrupted access to medical users and protect financial institutions that serve the industry,” Frerichs said.

Current federal law makes it illegal for banks to process money used in legal marijuana businesses. That forces those businesses to work on a cash only basis. The Obama administration shied away from prosecuting banks who dealt with companies and now Frerichs wants Trump to do the same.

Millions of dollars floating are around medical pot in Illinois. Retail sales are closing in on $40 million since starting the program in late 2015.

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