Changes In Illinois Bank Laws Needed For Legalized Marijuana
If marijuana is going to be legalized in Illinois, there need to be changes made to the state's bank laws.
With all the talk of legalizing weed in Illinois, there's one little detail I would like to know more about. Where's the money going to go? I'm not asking about the programs, I'm wondering about the actual physical money. Laws prevent banks from accepting it.
According to mystateline.com,
"State Treasurer Michael Frerichs (D) warns that the whole marijuana program could collapse unless the state changes the rules and regulations for banks who handle their money. The laws on the books were written to freeze illegal drug cartels out of American industry."
"We have an industry that handles money, hiding in the shadows, because banking rules, built decades ago, have not kept up with changes in behavior and in law. Those regulations have created a massive underground marketplace where money changes hands and the government can't tax it."
The medical marijuana industry made over $136 million in Illinois last year, so Treasure Frerichs would like the laws in Illinois to be relaxed.
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