IL treasurer: State medical cannabis firms may collapse without banking reform

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Illinois Treasurer Michael Frerichs warned legislators the state’s medical marijuana  industry could collapse if the state doesn’t take action to combat what he called a banking crisis for cannabis businesses.

In a statement, Frerichs also asked state lawmakers to support legislation he says would prohibit Illinois regulators from taking any action that would penalize or dissuade banks and credit unions from serving local MMJ-related businesses.

Frerichs noted that Illinois rang up an estimated $136.5 million in legal cannabis sales last year, making the industry “ripe for theft, fraud and tax evasion.”

To read Frerich’s statement, click here.