In a recent interview, the CEO of JPMorgan Chase, Jamie Dimon, says the bank “probably would” begin offering services to marijuana businesses if federal law changes.
Speaking this week on an episode of “The Unshakeables,” a podcast produced by JPMorgan Chase, Dimon said the enactment of federal marijuana banking legislation would significantly influence the bank’s stance on working with state-licensed marijuana businesses.
In discussing the banks refusal to work with marijuana businesses now, Dimon pointed to the legal complexities surrounding marijuana banking as the main obstacle.
“We don’t provide services to marijuana businesses because federal law doesn’t allow it”, says Damon. “We simply cannot operate within the law as it stands. If federal legislation were enacted, we probably would.”
He added that the bank already works with certain cryptocurrency businesses, albeit with stringent oversight, and that they remain committed to addressing issues like tax evasion, money laundering, and human trafficking through their financial operations.
