Big Banks Still Refusing Cannabis Despite Trump Marijuana Rescheduling

Big U.S. banks are still refusing to do business with the $32 billion legal cannabis industry despite President Donald Trump‘s Dec. 18 marijuana rescheduling executive order – a position that’s annoying the president, according to one report.

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.

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 tax burden in Internal Revenue Code Section 280E.

Read the full article at MJBizDaily