Monday, August 25, 2025

Latest

Cannabis Banking Splits Senate Panel as Industry Seeks Relief

Cannabis banking access dominated a Senate hearing Wednesday as lawmakers debated financial services for the marijuana industry.

Sen. Elizabeth Warren highlighted how “lawful cannabis businesses have been unable to open accounts and employees of those businesses have been debanked.” The Massachusetts Democrat called for investigation into those responsible.

Committee Chairman Tim Scott emphasized examining “federally legal” businesses throughout the hearing, yet senators from both parties raised cannabis industry concerns.

“If somebody wants to work on rules of the road and do that—and bank the industry in a cohesive, sustainable way that doesn’t kind of skirt around the fact that it’s still illegal at the federal level—count me in,” said North Carolina Republican Sen. Thom Tillis.

Technology firm Flowhub collected testimonials from over 115 cannabis-related businesses, including a vineyard that lost bank accounts after its owner invested in state-legal marijuana businesses.

JPMorgan Chase’s CEO indicated the bank “probably would” serve cannabis clients if federal law permitted. Congressional analysts project the reform could add billions in marijuana revenue to the regulated banking system.

The legislation faces opposition from House Speaker Mike Johnson, who has consistently opposed cannabis reform, including banking measures, despite Trump’s endorsement of state-legal cannabis banking reform on the campaign trail.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

First Majestic Q2 Earnings: Another Record Quarter

Sandstorm Gold Fades Into Royal Gold Merger

Equinox Gold Q2 Earnings: Back On Track

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

Will the US Only Legalize Medical Cannabis First?

In a recent testimony before the House of Representatives Committee on Oversight and Accountability, FDA...

Saturday, April 20, 2024, 12:14:00 PM

Expert Panel Delivers Final Report on Cannabis Act, Recommendations For Excise Tax Review

The independent expert panel overseeing the review of the Cannabis Act has released its final...

Friday, March 22, 2024, 12:47:00 PM

DeSantis Thinks Marijuana Amendment Will Make Florida ‘More Blue’

Florida Governor Ron DeSantis has intensified his opposition to Amendment 3, a ballot initiative aimed...

Friday, July 19, 2024, 08:11:20 AM

DEA Pushes Back Against Cannabis Rescheduling

On May 16, the Justice Department formally moved to reclassify marijuana as a less dangerous...

Tuesday, May 21, 2024, 02:07:00 PM

Bottom May Not Yet Be In for Cannabis Stocks After Amendment 3 Failure

Cannabis stocks experienced a huge decline following the failure of Florida’s recreational marijuana ballot initiative,...

Monday, November 11, 2024, 02:07:00 PM