Jamie Dimon Says JPMorgan Chase ‘Probably Would’ Provide Services To Cannabis Industry Once Federal Laws Permit
Dimon’s comments were made during a recent episode of the firm’s podcast
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.
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