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institutions have been preparing to exitserving the cannabis industry after U.S. Attorney General JeffSessions rescinded the 2014 Cole Memo on Jan. 4.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.

Financial institutions nevertheless maintained their marijuanaaccounts because the FinCEN guidelines issued in 2014 have not beenrevoked, giving credit unions and banks some level of assurancethat they could continue serving the marijuana industry.

White House officials confirmed that Gardner's commentsaccurately reflect the administration's position, according to aFriday report in the Los Angeles Times.

“The president did speak with Sen. Gardner yesterday and againtoday,” White House Press Secretary Sarah Sanders told reportersFriday at the White House. She said “the president is a firmbeliever” in states' rights and confirmed Gardner's account of theassurances he received from the president was accurate, the LATimes reported.

In response to the Department of Justice's Jan.4 announcement that Sessions had rescinded the Cole Memo,Gardner placed a hold on all DOJ nominees until he received acommitment that Colorado's rights would not be infringed.

After what Gardner called positive discussions with the DOJ, hesaid he lifted some of his holds, but kept the rest in place untilhe received a full commitment that the guideline of the Cole Memowould be respected.

Because of Trump's commitment to resolve the marijuana issue,Gardner said he informed the White House that he will be liftinghis remaining holds on the DOJ nominees.

“My colleagues and I are continuing to work diligently on abipartisan legislative solution that can pass Congress and head tothe president's desk to deliver on his campaign position,”Gardner said.