Financing the cannabis business is not as easy as the banking industry

President Trump’s recent executive order has caused a stir in the cannabis industry, with hopes of easier access to banking services for weed entrepreneurs. However, big banks like JPMorgan, Bank of America, and Citigroup are not jumping on board just yet. Despite initial excitement, the language of the executive order does not fully allow for banking services for the cannabis industry. The banks are cautious about the regulatory implications and are looking for more clarity before diving in.

Pot Inc. has been lobbying for a change in classification status, hoping for more opportunities for banking within the US. However, the current federal laws still pose a challenge for big banks to fully embrace the cannabis industry. The debate continues between advocates like Marc Cohodes, who see the potential for growth in the market, and banking executives who are concerned about regulatory issues. Until there is clear federal legislation allowing banking services for the weed business, the industry may continue to face challenges in accessing traditional banking services.