As President Donald Trump affirms that his administration is “very strongly” considering a proposal to reschedule marijuana, bipartisan senators raised the issue during a hearing with a former state cannabis regulator who testified about the unique challenges federal prohibition imposes on state regulators.
While attention within the cannabis community is largely focused on a potentially historic rescheduling decision by Trump, the Senate Banking Subcommittee on Financial Institutions and Consumer Protection on Tuesday discussed the adjacent issue for the marijuana industry: The lack of banking access for cannabis companies under federal prohibition.
Tyler Klimas—who served as executive director of the Nevada Cannabis Compliance Board (CCB) and was a founding member of the Cannabis Regulators Association (CANNRA) before becoming the founder of Leaf Street Strategies—testified before the panel as the Democratic minority’s witness.
Sen. Catherine Cortez Masto (D-NV), the Democratic ranking member of the panel, said that “we want to make sure that all Americans have a fair access to banking,” and that includes state-regulated marijuana businesses such as those in her state.
“There are so many Nevada business owners who have opened legal cannabis businesses and created jobs across our state,” the senator said, adding that she also hopes Congress will pass
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