Answer:
The Department of Justice rescinded the “Cole Memo” on January 4, 2018. This memo had outlined provisions of banking a marijuana-related business. FinCEN had issued guidance on February 14, 2014, that confirmed how the Cole Memo was to be followed. Where does this leave banks? Federal Reserve Chairman Jerome Powell said that the current gap between federal and state marijuana laws “put federal chartered banks in a very difficult situation.”
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