The medical marijuana business in Illinois is growing. So the need for dispensaries and growing operations to have access to banks and loans is important. However, the Trump Administration may not be ready to protect the industry. State Treasurer Mike Frerichs says he wants the new administration to protect them. Current federal law makes it illegal for banks to process money used in legal marijuana businesses. That forces those businesses to work on a cash only basis. The Obama administration shied away from prosecuting banks who dealt with companies and now Frerichs wants Trump to do the same.
Millions of dollars floating are around medical pot in Illinois. Retail sales are closing in on $40 million since starting the program in late 2015.