On October 6, 2022, President Joe Biden issued a statement on marijuana policy reform, accompanied by a proclamation and decision to pardon individuals prosecuted for the simple possession of marijuana in violation of the Controlled Substances Act (“CSA”). First, while President Biden’s announcement is significant and marks the first step in decriminalizing marijuana, it has its limitations. In addition to President Biden’s announcement, congressional leaders have called for the passage of the SAFE Banking Act when Congress reconvenes in November. The SAFE Banking Act would prohibit federal banking regulators from penalizing depository institutions for providing banking services to cannabis businesses. We will continue to monitor Federal marijuana reform efforts and will provide further updates as they develop.

Source: Washington Post October 12, 2022 17:04 UTC