Quinn plans to sign medical marijuana legislation ThursdayContinue reading.
U.S. lets banks, marijuana sellers do business
The Obama administration on Friday gave banks a road map for doing business with legal marijuana sellers without getting into trouble, another step by the U.S. government toward enabling a legalized marijuana industry to operate in states that approve it.
The guidance issued by the Justice Department and Treasury Department is intended to increase the availability of financial services for legal marijuana businesses that are licensed and regulated, while preserving the government’s enforcement power, the Associated Press reported.
Processing money from marijuana sales now puts federally insured banks at risk of drug racketeering charges.
Illinois is working on the rules and regulations for a medical marijuana pilot program.
The Illinois Department of Financial and Professional Regulation and state Department of Agriculture are reviewing rules for the state’s dispensaries and cultivation centers.
Residents who qualify for medical marijuana would pay $150 a year and undergo a criminal background check under draft regulations released in January. And some might be able to apply as soon as September.