In January, then-Attorney General Jeff Sessions rescinded the “Cole Memo” policy of relaxed federal enforcement, which created more confusion about the future of cannabis-related banking. As a result, many financial institutions have been cautious to work with the cannabis industry. However, there is legislation pending before Congress that would resolve most of the current uncertainty that surrounds the cannabis industry in America.

On June 7, 2018, Sens. Elizabeth Warren (D-MA) and Cory Gardner (R-CO) proposed the “Strengthening the Tenth Amendment Through Entrusting States Act” (STATES Act). The STATES Act would authorize states to make and enforce their own laws related to the possession, production and sale of recreational marijuana.