The Biden administration’s move to reclassify marijuana as a less dangerous but still controlled drug was hailed as a monumental step in reshaping national policy. But it appears it would do little to ease a longstanding problem in the industry: a lack of loans and banking services other business take for granted. Many financial institutions don’t want anything to do with money from the cannabis industry for fear it could expose them to legal trouble from the federal government. American Bankers Association CEO Rob Nichols says rescheduling pot at the federal level “has no bearing on the legal issues around banking it.”
