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Feds May Remove Marijuana Banking Protections, Treasury Department Says

Following Jeff Sessions announcement, the DOJ aims at banking regulations

The Trump administration is considering removing Obama-era guidance that has allowed banks to open accounts for marijuana businesses without running afoul of federal regulators. Last month, U.S. Attorney General Jeff Sessions rescinded a broader policy from the former administration that has generally cleared the way for states to implement their own cannabis laws without Justice Department interference. Now, the federal government may move to make it harder for cannabis industry operators who comply with state laws to store their profits with financial institutions. “We are reviewing the [banking] guidance in light of the Attorney General’s announcement and are consulting with law enforcement,” Drew Maloney, the U.S. Treasury Department’s assistant secretary for legislative affairs, wrote in a letter to members of Congress on Wednesday.

 

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