The tide for marijuana and banking appears to be turning.

U.S. Attorney for Massachusetts Andrew Lelling said in a statement yesterday that his office would focus its marijuana enforcement efforts on overproduction, targeted sales to minors and organized crime and interstate transportation of drug proceeds.

The news bodes well for the industry, roughly following the policy of the Obama-era Cole Memo that U.S. Attorney General Jeff Sessions rescinded back at the start of the year. The statement also takes a much softer tone from Lelling’s words in January when he said that his enforcement of federal marijuana laws could ensnare anyone from an hourly wage employee at a marijuana dispensary to a bank that opens an account for a pot shop.

“Because I have a constitutional obligation to enforce the laws passed by Congress, I will not effectively immunize the residents of the commonwealth from federal marijuana enforcement,” Lelling said in a statement. “My office’s resources, however, are primarily focused on combatting the opioid epidemic that claims thousands of lives in the commonwealth each year.”

Lelling said his marijuana enforcement activities would focus on overproduction from licensed outdoor marijuana cultivation, which in turn creates the risk of illegal and lucrative all-cash marijuana sales to users in nearby states where recreational marijuana use remains illegal.

Lelling also said his office would focus on deterring marijuana use among minors, which is likely to grow, and drug proceeds that finance organized crime activities by groups such as MS-13.

The recent statement from Lelling comes after Sen. Elizabeth Warren co-sponsored bipartisan legislation that would pave the way for financial institutions to bank marijuana, which, because of its illegality at the federal level, makes banks weary of running afoul of federal Bank Secrecy Act and anti-money laundering laws.

Although still a long way to go, the bill has picked up steam among many lawmakers, industry groups and even got a lukewarm reaction from President Donald Trump. The news also comes after the state of New York issued a statement earlier this month encouraging state-chartered banks and credit unions to establish banking relationships with with fully compliant medical marijuana-related businesses.

MA U.S. Attorney Lelling Warms to Marijuana

by Bram Berkowitz time to read: 1 min
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