JPMorgan Chase JPM CEO Jamie Dimon indicated that the largest bank in the U.S. "probably would" provide banking services to marijuana businesses if/when federal laws permit.

Dimon’s comments, made during a recent episode of the firm’s podcast, will likely spark optimism within the cannabis industry, which has long struggled with the numerous obstacles of not having access to traditional financial and banking services due to its onerous classification as a Schedule I substance.

Debanking? Cannabis Comes To Mind

What Happened: In response to a comment about debanking made by venture capitalist Marc Andreessen on Joe Rogan‘s podcast, Dimon launched into how debanking works at JPMorgan Chase. Apparently, cannabis came to his mind.

"I wanted to explain to him [Marc Andreessen], we have not debanked anyone because of political or religious relationships, period," Dimon said. "Now, when we debank someone, they often blame that reason, but that’s not a reason. We don’t bank marijuana companies because there’s no federal law around it… If there’s a federal law, we probably would."

Dimon added that Chase's operations adhere strictly to legal standards to combat issues like money laundering and tax evasion.

"And we do bank some crypto companies and very carefully. We are responsible on the law to fight sex trafficking, money laundering, tax avoidance," Dimon said.

Cannabis Banking Reform: Top Of Marijuana Industry’s Wish List

The CEO's remarks come as cannabis advocates press for renewed bipartisan momentum on marijuana banking legislation, mainly the Secure and Fair Enforcement Regulation (SAFER) Banking Act. Approved by the Senate Banking Committee in September 2023 – a regulatory milestone that was in the works for nearly a decade – the bill was crafted to enable legal cannabis businesses access to banks and financial institutions, which have been off limits for years.  

Cannabis rescheduling, a promise repeated on countless occasions during the Biden administration, could result in a situation where banks like Chase would open their doors and welcome the industry’s billions in earnings. An October 2024 report from Whitney Economics projected that the U.S. cannabis sales are expected to grow from $28.8 billion in 2023 to $87 billion by 2035. Who wouldn’t want those deposits in their bank?

That said, the cannabis banking bill could now face uncertain prospects in the new GOP-controlled House and Senate. Hence, Dimon's openness on the topic can only be a good thing.

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