We’re in the midst of some deep anticipation in the marijuana world, with Trump teasing some movement on rescheduling. If he does end up rescheduling marijuana to Schedule III, banks would be able to work with marijuana companies without any fear of retribution from the federal government. But until then, they’re in a limbo.
The Financial Crimes Enforcement Network has put out some info on exactly how many businesses are being worked with, and the data is pretty interesting.
For one, it seems that the amount of banks working with marijuana businesses has plateaued since 2019. Although the number has slowly gone up, with its peak of 831 being in the second quarter of 2024. Still, the graph shows how much the banks have slowed down since 2019.
The agency also shows where the banks are doing the business, and to no one’s surprise, California is number one. But what is surprising is that number 2 is Oklahoma. This is because their medical marijuana market is pretty robust compared to other states with the same medical laws.
The one thing that is clear is that with the number of marijuana businesses skyrocketing over the years, this plateauing of banks willing to work with them is a clear sign that many businesses are in need of a sympathetic bank. That doesn’t seem to be the case unless laws change on a federal law, so here’s hoping that Trump does something sooner rather than later. With the government shutdown battle now in its very early stages, I won’t be holding my breath.
Read more at Marijuana Moment
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