Following the reported move by the federal government to reclassify cannabis as a Schedule III drug under the Controlled Substances Act, the American Bankers Association (ABA) said Congress still needs to pass the SAFER Banking Act, which would allow state-legal cannabis companies access to traditional financial services.
In a statement, the ABA said that while it “takes no position on the legalization of cannabis, it’s important for policymakers to know that any potential decision to reclassify cannabis has no bearing on the legal issues around banking it.”
“Cannabis would still be largely illegal under federal law, and that is a line many banks in this country will not cross. The solution is the bipartisan SAFER Banking Act, which would allow banks to provide services to the cannabis industry in those states where it’s now legal. Passing that legislation in Congress would address the ongoing legal limbo around cannabis banking, while enhancing public safety, tax collection and transparency.” — ABA in an April 30 statement
In an interview with the Associated Press, Blair Bernstein said the decision by the feds to reclassify cannabis “has no bearing on the legal issues around banking cannabis.”
