States want safe harbor for FIs serving legal cannabis industry

States want safe harbor for FIs serving legal cannabis industry

Oregon Attorney General Ellen Rosenblum on Tuesday joined 19 other attorneys general to urge Congress to advance legislation allowing states with legalized medical or recreational marijuana to bring that commerce into the banking system. Introduced by Republican Congressman Dana Rohrabacher of California, This bill would amend the federal law that prohibits marijuana (the Controlled Substances Act) to say that penalties for owning or being involved with the production of marijuana do not apply for those following their state laws, essentially bringing power to states in a way that's more permanent than previous methods (like the Cole Memo).

On Tuesday, Schatz sent a tweet to Americans anxious about Sessions' newest policy, and noted that all Republicans in Senate voted for his confirmation. "Businesses and consumers are forced to carry even larger sums of cash and become targets for armed robbery".

Since then, there has been concern in states where pot is legal that some protections for legal marijuana businesses, and how they store and manage their money, might be in question under the new guidance.

Recreational marijuana is now legal in 8 states and medical use is legal in 29.

Back in late 2015, we reported around 60% of U.S cannabis companies didn't have bank accounts for their businesses as a result of the situation. Williams says he will target those who are exporting marijuana from OR to other states that have not legalized it - a no-no even under the Obama policy - and criminal organizations.

"California voters have made it clear: when it comes to the cannabis industry, California is moving forward, not backwards", said Attorney General Becerra. The answer is that the industry needs to, and will, continue to work collaboratively with state and local officials, the OLCC, and Williams, if he is willing, to create the strongest and most vibrant legal and compliant market possible.

In a sent to congressional leaders on Tuesday, attorneys general from 17 states, Washington D.C. and the US territory of Guam said they shared "a strong interest in protecting public safety and bringing grey market activities into the regulated banking sector".

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"We can save more than 70 million tax dollars every year by stopping marijuana possession arrests alone, and we can see more than 300 million in new tax revenue for the commonwealth with retail cannabis", said Goldstein.

Institutions under the University of California system, California State University system, as well as community and private colleges do not allow marijuana on university grounds, according to The Sacramento Bee.

Currently, there are no adult-use recreational marijuana sales in Maine.

Where we differ is that we believe Oregon's legalized cannabis program is a success, even when it is not flawless.

Some 38,000 law enforcement and public safety officials in the state use JNET, which includes criminal histories, warrant information and facial recognition information.

"I think the feds would be foolish to go out and prosecute somebody like John Q. Citizen who invested in a business to sell legal marijuana, the legal way, not the black market way, and they go and arrest him", Tracy said.

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