A customer smokes marijuana in a cannabis lounge in 2019. The Drug Enforcement Agency’s early steps toward rescheduling cannabis as a Schedule III narcotic could make cannabis businesses more profitable in the short term, but banks will likely remain skeptical of taking on new cannabis clients until Congress passes a law making those relationships federally compliant, experts say.
WASHINGTON — The Drug Enforcement Administration’s move to begin a process of rescheduling cannabis may have little immediate impact on the cannabis industry’s access to banking services; it may, however, improve prospects for cannabis banking legislation to cross the finish line.
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