SPRINGFIELD, Ill.—The largest medical marijuana banking partner in this state is pulling out of that business.
The Bank of Springfield has alerted all of its marijuana-based customers it's no longer taking their money. The decision comes after the Trump Administration stripped away protections for legal marijuana sales nationwide, Illinois Homepage said.
“It's unclear what it means for businesses moving forward. The worst-case scenario is a business might have to use cash to stay open and it can be difficult paying employees or paying taxes,” the publication noted.
Bank of Springfield was one of the first banks in the state to begin accepting money from marijuana businesses and has a large share of clients across the state, Illinois Homepage said.
A bank spokesperson told the publication that it was too big of a risk to continue transactions, citing Attorney General Jeff Sessions' reversal of Obama-era protections, Illinois Homepage reported.