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Home 🌿 Marijuana Business News 🌿 The Morning Risk Report: Big Banks Not Ready for Marijuana Business 🌿The Morning Risk Report: Big Banks Not Ready for Marijuana Business
The Senate Appropriations Committee earlier this summer passed legislation allowing banks to provide financial services to marijuana dispensaries in states where the federally prohibited drug is legal, but it’s very unlikely any major bank will take on such business until the government changes the classification of marijuana as a Schedule 1 drug, said one executive of a marijuana-based business.
As a Schedule 1 drug, marijuana is in the same category as heroin, LSD and ecstasy. Even reducing it to a Schedule 2 drug–putting it on par with oxycodone and other opiate-based painkillers–would provide some leeway for big banks to feel more comfortable about getting involved, said Steve Gormley, chief business development officer for OSL Holdings Inc.OSLH 0.00%, which operates a number of marijuana industry-related businesses. Rescheduling marijuana would allow banks to “more safely approach the issue of money and more safely be able to invest directly,” he said. “At...
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