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What’s next?ĭue to heightened risk being placed upon bank-offering services, some operators are turning to cryptocurrencies and block-chains to bypass the use of banks entirely.
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Many questions remain as to what specifically the rescinding of the memo would entail and any conclusions reached about the pending decision are speculative. In response, bank-adjacent services are being looked at to make the market in California cashless. The state has already issued about 675 temporary licenses for all types of businesses prior to the Attorney General Session’s announcement and has made no suggestions that they will curtail the issuing of licenses or other cannabis-related services, which is good news for both consumers and retailers.Īlthough the ramifications of Attorney General Session’s decision remain uncertain, marijuana institutions may first see financial institutions, like banks, to be affected by the move. With the anticipation that bank services will be weakened, the Bureau of Cannabis Control expects California’s already cash-heavy marijuana market to face a major influx of money with next to nowhere to put it. Regardless, we’ll continue to move forward with the state’s regulatory processes covering both medicinal and adult-use cannabis consistent with the will of California’s voters, while defending our state’s laws to the fullest extent.” We expect the federal government to respect the rights of states and the votes of millions of people across America and if they won’t, Congress should act. “The administration is conferring with the California Attorney General and other states in response to this action. The Bureau of Cannabis Control Chief Lori Ajax released a statement late Thursday, January 4 th stating that: How does this affect the cannabis industry? Treasury’s Financial Crimes Enforcement Network (“FinCen”) which in turn allowed for many states, including California, to ensure entities like credit unions were compliant with federal law. The Cole Memo also complemented guidelines created by the U.S. any cannabis entrepreneurs and investors looked to the limited protections of the Cole Memo as the basis for their ability to continue their efforts in building and investing in state-legal cannabis businesses.
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Instead of penalizing use and sale of cannabis, the DOJ redirected their resources to prevent the sale of marijuana to minors, preventing marijuana use as a pretext for drug trafficking and prevention of cannabis sales from contributing to criminal enterprises among other things. In 2013 the Cole Memo instructed the Department of Justice to focus on a finite list of items to prosecute as it relates to state-legal cannabis. Attorney to expend resources to prosecute marijuana-related offenses in states with laws legalizing Cannabis in one form or another. What the current administration’s latest move means for Cannabis in California.Īttorney General Jeff Sessions plans to rescind the Cole Memo, which would reverse the Obama administration’s position on Cannabis enforcement and allow each U.S.