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Cannabis Banking in Illinois

Illinois Banks Working with Marijuana Businesses Can Avoid Prosecution if They Cautiously Abide by State’s Laws

The US attorney for the Northern District of Illinois, Zack Fardon, has hinted at a possible approval for the willing Illinois banks to work with the state’s medical marijuana business and accept transactions in this regard.

Addressing a group of businesspersons at the Chicago Union League Club, Zach said that if the financial institutions remain careful and work in accordance with the state’s laws, they will be allowed to accept deposits from the individuals or organizations associated with the marijuana industry. He expressed the hope that such banks would not be prosecuted as long as they follow the incumbent rules and regulations.

The stance taken by the federal official at a public meeting, on Wednesday is not something wholly new. It is in accordance with the policies of the federal government made in the 2013 Cole Memo. According to these guidelines, the prosecuting officers have to pay attention to 8 priority areas for the implementation of federal law and not to target the firms connected with marijuana business that strictly abide by the state’s laws.

As reported by Chicago Sun-Times, when asked if the banks had complete legal protection for dealing with the cannabis business, Fardon showed the signs of reluctance. He pointed out that there are legitimate concerns for the financial institutions, but he was hopeful that, by showing transparency, they would be able to prevent any legal action against them.

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