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

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.

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3 comments on “IL treasurer: State medical cannabis firms may collapse without banking reform
  1. Robert Hebel on

    It’s about time someone in a position to do so makes the most important issue .
    The federal govt needs to take over this is the same as early lasvegas skimming is going to be the biggest issue the more growers and retail stores it will be different to keep track already this isn’t heads of lettuce or orange trees type of agriculture you can’t count plants here it’s all done by weight for the most part yet in Jamaica the one marijuana company jacana , they aren’t allowed to cut down a single plant without a regulator being onsight and testing. And we are talking about Jamaica the country not Jamaica queens ny. There are armed guards with mp5 assault rifles at the golfcoarses and resorts law and order is almost non existent in 95 Pct of the country. You will never get things accounted for down to the pound in the USA or Canada but neither are even close to the tons range . Most started out with the best intentions but not being able to deposit money or a employee can’t be paid with a company check with no way to cash it. The skim is now becoming bigger and bigger out of frustration if things are indeed legal banks need to be given the ok or you are creating another type of illegal sales that most isn’t being taxed look at the decline in taxes in California they have been at this the longest despite recreation legalization plants are still being sold with no testing no taxes Colorado taxes were double collected this past year not because of true sales because they are playing it closer to the rules California and the liberals with their feel of in title ment it’s a mess.
    Canada the govt. / parliament pushing recreational threw fearing the United States closing in on First to market having a prime minister put in charge to push every vote threw the banks aren’t in play there either? Well for the most part no articles as well as where canopy obtained early funding that came from the bank of Montreal and the phonetic venture capital company that was put in place to help things along so one country the govt has basically before legalization violated the RICO stature. And in the USA the govt. not getting involved by taking a firm position here it’s becoming messy to say the least.

  2. Robert. hebel on

    Tax evasion? Really California as a state is in RiCO predicate. All kidding aside time to clean up the Vegas skim and accounting for what inventories are and being sold. Can’t begin with all the angles my favorite being past shelf lif product destroyed. I have never heard of or new anyone that had there cannabis get old and destroying it if that’s like throwing it in the garbage that was said to be illegal disposable so tax evasion do you think?? Please politicians including president Obama’s campaign funds were paid for by cannabis companies that all trade on the stock market so the newest majors and politicians are still looking over there shoulders with cash falling out of there pockets to dare ask where did anything go and why with more being sold tax revenue is disappearing. Time to clean this up leap is legal for everyone not for who you know!

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