Sen. Cory Gardner (R-Colo.) said Friday he receiveda commitment from President Donald Trump that theDepartment of Justice's rescission of the Cole memo will not impactColorado's legal marijuana industry.

“Furthermore, President Trump has assured me that he willsupport a federalism-based legislative solution to fixthis states' rights issue once and for all,” Gardner said in aprepared statement.

If Trump follows through on his commitment, this developmentwill be a huge relief to the estimated 100 credit unions and 300banks that currently provide financial services to marijuanabusinesses. Some financial institutions have been preparing to exitserving the cannabis industry after U.S. Attorney General JeffSessions rescinded the 2014 Cole Memo on Jan. 4. Thememo lowered the risks from federal prosecution for financialinstitutions as long as they did not violate the memo's topenforcement priorities. While some states have legalized marijuanafor recreational and medicinal use, cannabis is illegal underfederal laws.

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