Hope for Banking Marijuana in Congress

Posted November, 19 2018

Democratic control of the House has raised hopes that the possibility exists for Congress to provide a safe harbor for banks to serve marijuana businesses or even a broader bill to remove pot from the list of controlled substances. With Paul Ryan and Pete Sessions departing to potentially create a window for legislation that could either removed marijuana from schedule 1 of the Controlled Substances Act, which puts it on the same level as heroin and cocaine, or taken action on more discrete issues like providing clarity on banking legal marijuana businesses.

 

Approximately 486 financial institutions now serve marijuana businesses. One potential compromise could be returning to the Obama level of enforcement drafted in the Cole Memo.

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