Keenan M. Jones and Patrick A. Walsh Highlight Potential Cannabis Banking Opportunities for 2026

In a recent article in Frantz Ward’s “Full-spectrum Wisdom” column with Cannabis Business Times, Partner Keenan M. Jones and Associate Patrick A. Walsh provide an overview of the current banking landscape for cannabis businesses and share a realistic update on potential developments in the new year.

In “New Year, New Cannabis Banking Opportunities?” Keenan and Patrick share that marijuana’s illegal status under federal law has made banking for marijuana-related businesses (MRBs) incredibly challenging, if not impossible, making many MRBs cash-only. They detail how current regulations affect banking for MRBs, including:

• The Controlled Substances Act
• The Bank Secrecy Act
• Various federal anti-money laundering laws
• FinCEN regulations
• How the U.S. Attorney General and Department of Justice’s prosecution guidelines affect marijuana-related businesses

The article looks toward the future, outlining potential developments in federal regulations which could provide protection for financial institutions to work with MRBs or lead to the reclassification or decriminalization of marijuana, including:

• The SAFE/SAFER Banking Act
• The MORE Act
• Executive Order 14370

The pair also examine cryptocurrency as a potential alternative payment method and currency storage option for MRBs.

To learn more about the current state of banking for cannabis businesses and explore future opportunities, read the full article here.

Keenan represents businesses of all sizes in litigation matters, corporate formation, business development, and protection of intellectual property rights. Since 2017, he has focused his practice on assisting companies operating in the regulated cannabis space, including hemp, marijuana, and ancillary endeavors.

Patrick focuses his practice on all stages of general business litigation matters, including real estate and professional liability defense, misappropriation of trade secrets, breach of non-compete agreements, and cannabis regulatory issues.

Cannabis Business Times is a publication that focuses on the business of legal cannabis for medical and adult use. They aim to provide timely information to help the reader make informed decisions about running their cannabis businesses and advancing their careers in the cannabis market.