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What decriminalization could mean for cannabis banking

October 7, 2022


President Joe Biden on Thursday announced an executive action to pardon all prior federal offenses of simple possession of marijuana, and encouraged governors to follow suit with regard to state offenses.

And in what is largely seen as a major step toward decriminalization, the president said he is asking the secretary of health and human services and the Justice Department to review cannabis’ designation as a Schedule 1 drug, a classification reserved for the most dangerous substances, such as heroin and LSD.

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