It’s no secret, Illinois wants recreational use. The new Governor’s proposed 2020 Illinois budget includes around $170 million from recreational marijuana but Illinois hasn’t yet passed a bill finalizing the framework for Illinois’s foray into recreational cannabis. Pundits and businesses looking to capitalize on existing structures – including accusations that established players in Illinois’s already extant medical marijuana business are pushing legislation meant to limit competition – are jockeying for input and public opinion.
Senate Bill 7 (SB0007) is the placeholder introduced this legislative session looking to establish the “Cannabis Regulation and Taxation Act” – this is the bill that’s drawn the most attention but, unfortunately, it’s not completed yet as the sponsors are still working out the details. What we do know comes from a series of reports and interviews they’ve given – perhaps the most information came from these live-tweets from an event they gave discussing their proposal. As before, the statement is that everyone is still waiting on a demand study before moving legislation forward. In a statement to the Belleville News-Democrat, representative Steans said she expected the results of the demand study very, very shortly.
In a sure sign that progress is being made, Steans has also introduced an important bill designed to facilitate the logistics of whatever Illinois new recreational cannabis system is. A banking bill that should lessen the regulatory burdens for banks and credit unions looking to services the recreational marijuana industry.
Senate Bill 2023 (SB2023) introduced on 2/15 would amend the Illinois banking act and the Illinois Credit Union Act; here’s the official synopsis:
Amends the Illinois Banking Act and the Illinois Credit Union Act. Provides that the Secretary of Financial and Professional Regulation shall not: issue an order against a financial institution for unsafe or unsound banking practices solely because the entity provides financial services to a cannabis-related legitimate business; prohibit, penalize, or otherwise discourage a financial institution from providing financial services to a cannabis-related legitimate business solely because the entity provides financial services to a cannabis-related legitimate business; recommend, incentivize, or encourage a financial institution not to offer financial services to an account holder or to downgrade or cancel the financial services offered to an account holder solely because the account holder is a manufacturer or producer or is the owner, operator, or employee of a cannabis-related legitimate business, the account holder later becomes an owner or operator of a cannabis-related legitimate business, or the financial institution was not aware that the account holder is the owner or operator of a cannabis-related legitimate business; and take any adverse or corrective supervisory action on a loan made to an owner or operator of a cannabis-related legitimate business solely because the owner or operator owns or operates a cannabis-related legitimate business or an owner or operator of real estate or equipment that is leased to a cannabis-related legitimate business solely because the owner or operator of the real estate or equipment leased the equipment or real estate to a cannabis-related legitimate business. Authorizes the Secretary to furnish confidential supervisory information relating to a financial institution providing financial services to cannabis-related businesses, limited to the name, contact information, and such other information as the Secretary determines is prudent, to the Illinois State Treasurer. Effective immediately.