Sen. Cory Gardner (R-Colo.) said Friday he received a commitment from President Donald Trump that the Department of Justice’s rescission of the Cole memo will not impact Colorado’s legal marijuana industry.
“Furthermore, President Trump has assured me that he will support a federalism-based legislative solution to fix this states’ rights issue once and for all,” Gardner said in a prepared statement.
If Trump follows through on his commitment, this development will be a huge relief to the estimated 100 credit unions and 300 banks that currently provide financial services to marijuana businesses. Some financial institutions have been preparing to exit serving the cannabis industry after U.S. Attorney General Jeff Sessions rescinded the 2014 Cole Memo on Jan. 4. The memo lowered the risks from federal prosecution for financial institutions as long as they did not violate the memo’s top enforcement priorities. While some states have legalized marijuana for recreational and medicinal use, cannabis is illegal under federal laws.
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