As far as financial institutions, I don't necessarily think it's going to have a demonstrable effect" on how they deal with cannabis operators, said Morgan Fox, political director for the National Organization for the Reform of Marijuana Laws, or NORML.
"Any potential decision from the administration to reclassify cannabis has no bearing on the legal issues around banking cannabis," said Blair Bernstein, a spokesperson for the American Bankers Association.
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, which still lists marijuana as illegal.
#biden-administration #marijuana-reclassification #cannabis-industry #banking-restrictions #federal-law
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