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Biden move is a boon for cannabis capitalism

Posted on AllSides October 7th, 2022
From The Left
Illustration: Shoshana Gordon/Axios

President Biden on Thursday said that he'll ask for a review of whether marijuana should remain classified as a Schedule 1 substance under federal law.

Why it matters: This could be momentous for the upstart U.S. cannabis industry, which has been slowed at every turn by federal prohibitions.

What to know: Most cannabis companies are unable to use federally chartered banks, largely owing to the Schedule 1 designation, and instead are relegated to using state-chartered banks and credit unions.

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