New era for pot regulation leaves old problem: Many cannabis companies can't find a bank

The Biden administration's move to reclassify marijuana as a less dangerous but still controlled drug was hailed as a monumental step in reshaping national policy. “As far as financial institutions, I don’t necessarily think it’s going to have a demonstrable effect” on how they deal with cannabis operators, said Morgan Fox, political director for the National Organization for the Reform of Marijuana Laws, or NORML. “Any potential decision from the administration to reclassify cannabis has no bearing on the legal issues around banking cannabis," said Blair Bernstein, a spokesperson for the American Bankers Association.

Related Keywords

United States ,Washington ,Americans ,American ,Dotany Melech ,Morgan Fox ,Juliea Hill ,Blair Bernstein ,Morgan Paxhia ,Coalition For Cannabis Scheduling Reform ,Human Services Department ,Cannabist Company ,American Bankers Association ,University Of Alabama School Law ,A Congressional Research Service ,Us Drug Enforcement Administration ,National Organization ,Marijuana Laws ,American Bankers ,Enforcement Administration ,Associated Press ,Human Services ,Alabama School ,Congressional Research Service ,Cannabis Scheduling Reform ,Poseidon Investment Management ,Financial Institutions ,Cannabis Industry ,Anking Services ,Controlled Drug ,Longstanding Problem ,Financial Services ,