President Donald Trump’s Dec. 18 order to reclassify cannabis under federal law won’t solve the marijuana industry’s longstanding banking problems anytime soon.
Without formal reclassification as a Schedule 3 drug, “it’s still too early to reconsider our position, and we will not change our stance” and start offering marijuana businesses banking services, a top executive at JP Morgan Chase & Co. said in a memo, The New York Post reported Friday.
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Trump’s historic executive order directing Attorney General Pam Bondi to finalize a marijuana rescheduling process begun by former President Joe Biden in 2022 is still pending.
It’s still not certain when cannabis could be formally downgraded to Schedule 3, a distinction that would free the $32 billion marijuana industry from the federal
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