The group launched last January after Deputy Attorney General James Cole asked the legal profession to provide pro bono assistance to federal prisoners who would likely have received a shorter sentence if they had been sentenced today.
Credit unions and banks have been issued clear guidance for serving cannabis businesses by the Financial Crimes Enforcement Network (FinCEN) and the Cole memo, issued by former U.S. Department of Justice Deputy Attorney General James M. Cole on April 29, 2013.
Deputy Attorney General James Cole told the Senate Judiciary Committee that it may be wiser to preempt state licensing and regulation of marijuana businesses, however should such action prove unsuccessful, the industry could be left unregulated.
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