💸 The Tape

Jamie Dimon, the CEO of JPMorgan Chase, has joined the conversation on “debanking”—the increasingly contentious practice of restricting access to financial services for certain industries. His remarks come after venture capitalist Marc Andreessen claimed Biden-era regulators had pushed banks to cut off tech and crypto companies. “We’ve been complaining about this for years. We need to fix it,” Dimon said, signaling that large financial institutions might be more open to clarifying or reforming the rules that govern whom they can serve.

As Republican lawmakers prepare a hearing on debanking, they’re laying the groundwork for potential changes in how banks evaluate risk. Historically, regulators have influenced banking choices through anti-money laundering directives and policy nudges, including the controversial Obama-era Operation Choke Point, which discouraged banks from dealing with industries like gun sellers and payday lenders. More recently, the Biden administration urged banks to “pause” crypto-related activities, highlighting the delicate balance between ensuring financial stability and granting businesses fair access to capital.

These developments echo loudest in the cannabis sector, where federal prohibition has long thwarted access to mainstream banking. Despite state-level legalization gaining momentum, cannabis businesses continue to face daunting hurdles opening accounts, obtaining loans, and processing payroll. The SAFE Banking Act—a legislative proposal specifically designed to shield financial institutions from federal penalties when serving state-legal cannabis operations—has repeatedly surfaced in Congress, only to stall amid broader partisan debates. In many ways, the cannabis community is the poster child for the impacts of debanking: legally sanctioned by states, yet still shut out of standard banking services because of federal regulatory risks.

Banking leaders have historically resisted “fair access” legislation that could compel them to serve high-risk industries, arguing that they must retain discretion in managing compliance responsibilities. But a growing patchwork of state-level fair access laws is creating a messy legal landscape. Leaders like Representative Andy Barr (R-Ky.) say more banks are warming to federal solutions that would preempt conflicting state rules. If Dimon’s openness to revisiting debanking standards gains traction, it could create an opening for meaningful reforms—and the cannabis industry, in particular, stands to benefit if clearer regulations provide them with the same banking privileges that mainstream businesses enjoy.

Still, any reform must balance a financial institution’s legitimate risk concerns with the equally legitimate need of businesses—be they crypto ventures or cannabis dispensaries—to transact. As Senate Banking Chair Tim Scott (R-S.C.) and the FDIC’s acting chair Travis Hill prepare to address debanking, the outcome could define the path forward for the entire cannabis sector and pave the way for a more uniform, transparent banking environment nationwide.

📈 Dog Walkers

RFK Has A Plan

Picture farmland meets rehab with an $8.5 billion cannabis tax windfall. That’s RFK Jr.’s new blueprint for tackling America’s opioid crisis: “wellness farms.” Instead of expansions in methadone stock or Big Pharma prescriptions, these retreats propose a pastoral path to sobriety—complete with job training and organic produce. Yet behind the bucolic charm looms a political pivot: marijuana must be rescheduled to free up those tax dollars. Some might roll their eyes at the logic, but hey, in this market, alternative assets are hot. These are concepts of a plan but put into practive could change lives on both sides.

Trulieve Relocates PA Dispo

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) is planting deeper roots in Pennsylvania with the relocation of its Lancaster dispensary to 1603 Manheim Pike #1651. The new site, opening at 9 a.m. on January 31 with a ribbon cutting, promises an upgraded customer experience, prizes, and special discounts. CEO Kim Rivers emphasizes that Lancaster patients can expect a top-tier approach to medical marijuana services—just one branch of Trulieve’s broad presence throughout the Keystone State. With Monday-Saturday hours from 9 a.m. to 8 p.m. and a Sunday schedule of 10 a.m. to 6 p.m., this operation looks primed for robust growth.

🗞️ The News

Why We (Still) Advocate For Full Descheduling Of Marijuana To Address Prohibition’s Impact On Communities Of Color (Op-Ed)

Trudeau’s departure is a turning point for Canada’s cannabis industry

The Race for All-Powerful Pot

📺 YouTube

TDR’s Biggest Developments for the Week of Jan 26th in Cannabis | Trade to Black

What we covered:

✅ On the latest episode of the Trade to Black podcast, host Shadd Dales dives into the biggest developments in cannabis for the week ending January 26, 2025. From politics to business and legislation, this episode covers it all.

One of the biggest topics? The swearing-in of Donald Trump as the 47th President of the United States. Shadd examines what Trump’s presidency could mean for cannabis policy, especially with the appointment of Derek Maltz as acting DEA administrator. Maltz, known for his tough stance on drugs, has hinted at being open to evidence-based rescheduling of cannabis—an issue that could shape the industry’s future.

Shadd also highlights a surprising op-ed in Fox News by Mike Tyson and Weldon Angelos advocating for cannabis reform. Could this signal a shift in conservative views on cannabis?

On the financial side, Shadd breaks down upcoming earnings reports from Aurora Cannabis and Green Thumb Industries, which could provide key insights into the market’s direction.