ABSTRACT
This chapter explains the federal law and policy governing cannabis. While cannabis remains almost completely illegal as a matter of federal law, the federal government, as a matter of policy that was previously enshrined in a series of memos, has let the industry develop with minimal interference. The federal law governing cannabis, however, is expansive and exposes both direct and ancillary businesses, as well as investors, financial institutions, and service providers, to theoretical civil and criminal sanctions. The disconnect between law and policy would be resolved by several pieces of legislation that have been introduced into Congress. And since the future of cannabis is dependent on legislation, the outcome of the 2020 elections, both presidential and legislative, will be important.
