DENVER (CN) – U.S. Attorney General Jeff Sessions’ recent decision to rescind Obama-era memos guiding federal attorneys in prosecuting marijuana cases left the nation’s cannabis businesses in a hazy place between federal prohibition and state legalization, unable to bank and sustained by inconsistent investment. In other words, it’s business as usual.
“The Cole memo of 2013 didn’t change anything back then and rescinding it doesn’t change anything today,” said Rick Scarpello, CEO and founder of Incredibles, one of a few cannabis companies with a national presence. “It was not binding policy; it was guidance to prosecutors in respect to prosecutorial prioritization. It never altered the Justice Department’s authority to enforce federal law.”
But the deputy director of the marijuana lobbyist firm NORML, Paul Armentano, is anything but optimistic.
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