Grundy Co. Lawmaker Working To Allow Legal Cannabis Industry To Use Banking System

http://bit.ly/2FQh8TG

Proposed legislation by a Grundy County lawmaker would allow legal marijuana businesses in Illinois to use the banking system. Due to federal and state banking regulations, most legal marijuana businesses are operating on a cash-only basis.

State Senator Toi Hutchinson’s proposal – contained in Senate Bill 2023 – would prohibit the Secretary of Illinois’ Department of Financial and Professional Regulations from issuing an order against, penalizing or discouraging financial institutions from providing financial services to cannabis-related businesses. 

Last year, the legal medical marijuana industry in Illinois took in $136 million in revenues. Hutchinson, who represents a small portion of Grundy County, teamed with Illinois Treasurer Mike Frerichs on her proposal that passed out of the Senate Financial Institutions Committee a few weeks ago.

Senate Bill 2023 passed the Senate this afternoon without opposition and will now head to the Illinois House for further debate.

01-All No Sub,02-Pol,16-Econ,17-Energy,15-Health,19-Legal,24-ILGA,26-Delivered,MCAI Clips

Region: Northern,City: Morris,Local,Region: Morris

via http://www.wcsjnews.com – RSS Results in news/local of type article http://bit.ly/2G4V6Ol

April 7, 2019 at 05:35PM

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s