Until marijuana is no longer a Schedule I drug under the Controlled Substances Act or exceptions to the federal law are passed, banks will still be taking a risk when it comes to providing financial services for cannabis companies, a panel at the Minority Corporate Counsel Association’s 2019 Creating Pathways to Diversity Conference in New York said Wednesday.

Steve Shine, vice president and corporate counsel at Prudential Financial Inc., said without legislation protecting banks from criminal liability, the industry will remain a cash business.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]