Justice Department Rescinds Marijuana Guidance
On January 4, the Department of Justice issued a memo rescinding five previously issued guidance documents on federal marijuana enforcement policy, including the Cole memo. The 2013 Cole memo acknowledged that marijuana was still an illegal drug under the federal Controlled Substances Act but that federal prosecutors would not focus on enforcement in states that permitted marijuana. In rescinding the Cole memo along with the other guidance, the Department of Justice is essentially leaving it up to each state U.S. Attorney to decide on if and how it will go about prosecuting violations of the federal law. All of this creates uncertainty in the marijuana industry and comes on the heels of California making marijuana officially legal January 1.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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