The Twin City Bank in Longview, Washington has been serving hashish dispensaries and different marijuana-related enterprise since leisure dispensaries opened there in 2014. But in January, financial institution president and CEO Neil Zick began getting calls from nervous clients who have been instantly excited 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 stated. “I have been advising them that that is not a good plan.”
His clients have been reacting to the January four announcement from Attorney General Jeff Sessions that opened the door for federal prosecutors to focus on marijuana companies, even when they’re in compliance with state legal guidelines.
Specifically, Sessions rescinded an Obama-era coverage referred to as the Cole memo (named for its writer, then Deputy Attorney General James Cole) that directed federal prosecutors to not goal weed companies working in accordance with state regulation. Though marijuana stays unlawful beneath federal regulation, the memo allowed corporations following state hashish legal guidelines to conduct enterprise comparatively freed from concern about arrest.
– Read the whole article at Vice News.