Licensed cannabis businesses have had two important protections from federal intervention – the Cole Memo and the Rohrabacher–Blumenauer amendment. The rescinding of the Cole Memo removes one of those protections, and it’s possible that the second – which helps protect medical cannabis operators – has just until January 19th before it expires.
It is more critical and urgent than ever for even the most well-run and compliant legal businesses to demonstrate to regulators and law enforcement that they operate at the highest standards of ethics and responsibility. Members of the NACB, the industry’s only self-regulatory organization, do exactly that by creating and committing to operate by voluntary, national standards aligned with federal priorities related to areas of public health and safety.
For banks, today’s news is not good. Bigger banks will continue to stay away from cannabis and smaller banks are now in a tougher spot – fewer will be willing to provide payment and transaction services.
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The following NACB spokespeople are recognized cannabis policy experts and are available to speak to reporters about today’s news that Jeff Sessions has rescinded the Cole Memo.
To speak with them, please contact: