SALEM, Ore.—Oregon Treasurer Tobias Read and several of his colleagues have asked to meet with U.S. Attorney General Jeff Sessions about what they say is a lack of guidelines for financial institutions in states where marijuana is legal.
In January, Sessions rescinded the "Cole Memos," previous DOJ notices that not only provided guidance to law enforcement in states where marijuana had been legalized, but also formed the basis of some preliminary guideposts for banks and credit unions that wanted to serve cannabis businesses.
Sessions' Justice Department now gives wide latitude to federal prosecutors to enforce drug laws in states where marijuana is legal under state law, a move that Read’s group says creates uncertainty for financial institutions, the Portland Tribune said.
"The absence of the Cole Memos now leaves the industry and financial institutions in the dark," states a letter to Sessions, signed by Read and the state treasurers of Illinois, California, and Pennsylvania, as well as representatives of cannabis and financial industry groups.
"With legalization taking place, there are sound public policy reasons for providing financial institutions and other entities that do business with the cannabis industry some comfort that they will not be prosecuted, or lose access to customer assets, simply for banking this industry," the letter stated. "Among the policy positives that could result is greater public safety and more efficient collection of tax revenues."