As Illinois lawmakers move toward legalizing marijuana for recreational use, state Treasurer Michael Frerichs is pushing legislation to make it easier for banks to work with weed companies.
Medical marijuana businesses around the country have long faced banking issues. The drug remains illegal at the federal level, and banks hesitate to establish accounts or offer loans to companies for fear that regulators could see that as drug money.
Twin bills introduced in the Illinois Senate and House of Representatives would protect state-chartered banks that do business with cannabis companies.
“There are a lot of banks out there that want to be in this