Illinois’ state treasurer has joined California’s in requesting guidance from the new administration of President Donald Trump on banking regulations regarding its medical marijuana industry.
The California treasurer in December sent a letter to Trump noting that the refusal by many banks to work with state-legal cannabis companies could pose a serious threat to public safety in coming years, as well as create issues related to tax collection.
Frerichs wrote a letter of his own to Trump and, in a press release, said the president’s as-yet-unspecified cannabis policy “will be crucial to the continuing availability of medical marijuana in Illinois,” according to the AP.
Frerichs advocated for a federal policy that would ensure that “responsible financial institutions” would not face any legal backlash for working with state-licensed marijuana companies, the AP reported.
If the Trump administration were to take such a step, it could go a long way toward convincing banks to offer more financial services to cannabis businesses, whether that’s simply opening checking accounts or even loaning sizable amounts of capital to expansion-minded MJ companies.