Rescheduling marijuana “is unlikely by itself” to solve the cannabis industry’s longstanding banking woes, according to a new report from Congress’ official policy-research arm.
An analysis in an Aug. 26 report from the Congressional Research Service also reiterates a previous contention that recategorizing marijuana from Schedule 1 to Schedule 3, “without other legal changes, would not bring the state-legal medical or recreational marijuana industry into compliance with federal controlled substances law.”
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That’s consistent with previous observations that Congress still needs to pass legislation – such as the long-awaited SAFER Banking Act – that provides protections for financial institutions that offer services to cannabis businesses.
The Justice Department’s May 21 proposal to move marijuana to Schedule 3 of the Controlled Substances Act would solve
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