Attorney General Jeff Sessions made headlines in January when he tightened federal marijuana enforcement. But the good news for financial institutions looking to service the pot industry is that the rest of the government has responded with a shrug.
Attorney General Jeff Sessions did not keep the rest of Washington apprised of his plan to rescind an Obama-era memo on pot. Now Fincen and other federal banking agencies are dealing with the backlash from that decision.
Attorney General Jeff Sessions’ decision to rescind an Obama-era directive that helped foster the marijuana sector’s growth raises new risks for banks and credit unions that do business with growers and dispensaries.
Democratic lawmakers in favor of legitimizing marijuana business are not being discouraged by the Trump administration's comments indicating it may pursue a federal crackdown in states where pot is legal.
Attorney General-designate Sen. Jeff Sessions R-Ala., could pose a roadblock for marijuana businesses seeking financial services, but might also end a controversial Justice Department program targeting payment processors and financial institutions.