Big banks still refusing cannabis despite Trump marijuana rescheduling

OG article by MJBizDaily Staff

January 12, 2026

Major U.S. banks continue denying services to the $32 billion legal cannabis industry despite President Trump’s December 18, 2025, executive order directing marijuana rescheduling to Schedule III. A JP Morgan Chase executive confirmed no policy change without finalized reclassification, which remains pending with Attorney General Pam Bondi. The order targets medical cannabis, leaving adult-use concerns and federal risks like Section 280E taxes and money-laundering fears intact. Investors like Marc Cohodes criticized the exclusion of U.S. cannabis firms from exchanges while Canadian ones list freely, noting Trump’s frustration and desire for industry banking access. Observers say true relief requires congressional action, such as the stalled SAFER Banking Act, unlikely under current Republican control. The industry faces ongoing financial isolation despite reform momentum.