HR0121enr 100TH GENERAL ASSEMBLY

HR0121 Enrolled LRB100 08758 MST 21474 r

HOUSE RESOLUTION 121

WHEREAS, The State of Illinois traditionally exercises its police powers to reflect local values and needs when determining appropriate law enforcement policies; and

WHEREAS, Illinois, as with many other states across the United States, has acted upon the issues of cannabis decriminalization and uses for medicinal purposes by adopting a variety of policies for regulating the use of cannabis; and

WHEREAS, Twenty-eight states and the District of Columbia allow for the medicinal use of cannabis; and

WHEREAS, Eight states have passed legislation to legalize the use of recreational cannabis; and

WHEREAS, In the enactment of legislation allowing for the use of cannabis for medicinal or recreational purposes, states have provided for the regulation and taxation of the use of cannabis; and

WHEREAS, Cannabis remains a Schedule I Drug under the federal Controlled Substances Act, classifying it among the most dangerous drugs in the Act; and

WHEREAS, This creates a problem for cannabis-related businesses that are legally operating pursuant to State law and makes it more difficult for consumers or businesses who are authorized to grow, sell, or purchase cannabis products under state law; and

WHEREAS, Many financial institutions have been unwilling to do business with cannabis-related businesses because of existing federal law and policies; and

WHEREAS, Many cannabis-related businesses rely upon cash transactions, which increases the risk of various crimes and impairs the ability of states to collect taxes; and

WHEREAS, In the interest of promoting efficient business practices, financial institutions should be confident in serving businesses legally operating in the State of Illinois under State law so long as safety and soundness requirements are met; and

WHEREAS, Legislation has been introduced in Congress to provide specific regulatory protection and immunity from federal prosecution for depository institutions providing financial services to cannabis-related businesses acting under applicable state law; and

WHEREAS, Maintaining a business relationship with financial institutions will allow for greater access to loans, as well as debit and credit transactions for businesses serving the cannabis industry, their employees, and for consumers purchasing cannabis legally under state law; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE HUNDREDTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge Congress to amend federal law to provide immunity from federal prosecution and regulatory protections for financial institutions legally providing services to cannabis-related businesses, licensees, and consumers pursuant to applicable state law; and be it further

RESOLVED, That suitable copies of this resolution be delivered to President Donald Trump, U.S. Senate Majority Leader Mitch McConnell, U.S. Senate Minority Leader Chuck Schumer, U.S. Speaker of the House Paul Ryan, U.S. House of Representatives Minority Leader Nancy Pelosi, and all members of the Illinois Congressional Delegation.