Federal Government Says They May Remove Protections for Banks Working with Marijuana Industry

After Jeff Sessions decided to rescind a policy protecting marijuana businesses in legal states, many wondered how the industry would actually be affected. But it appears we may see the first area where businesses will be hit.

A staff member at the Department of Treasury told a member of Congress that they are considering ending a policy that allows banks to work with marijuana businesses. The policy, known as the FinCEN document, laid out guidelines for banks on how to open and operate accounts with marijuana businesses without triggering interference from the federal government. But in light of Sessions' move last month, the Treasury Department says it may change their policies as well.

"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.

Nothing is set in stone, and cannabis businesses are still allowed to work with banks in legal states. But obviously it's simply another worry for the industry that's being brought upon by the Trump administration.

The Trump administration has actually stated multiple times in recent months that it was still considering whether or not to end the FinCEN document, but not decision had been made. Perhaps Sessions' recent decision will be the spark plug to begin the administration's attacks on the marijuana industry.

(h/t Forbes)

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