The Twin City Bank in Longview, Washington has been serving cannabis dispensaries and other marijuana-related business since recreational dispensaries opened there in 2014. But in January, bank president and CEO Neil Zick started getting calls from nervous customers who were suddenly thinking about closing their accounts.
“I have had a few customers who think they should take out their money and put it in a coffee can in the backyard,” he said. “I have been advising them that that is not a good plan.”
His customers were reacting to the January 4 announcement from Attorney General Jeff Sessions that opened the door for federal prosecutors to target marijuana businesses, even if they are in compliance with state laws.
Specifically, Sessions rescinded an Obama-era policy called the Cole memo (named for its author, then Deputy Attorney General James Cole) that directed federal prosecutors not to target weed businesses operating in accordance with state law. Though marijuana remains illegal under federal law, the memo allowed companies following state cannabis laws to conduct business relatively free of concern about arrest.
– Read the entire article at Vice News.