Safe Harbor Financial Submits Comments to the Justice Department Regarding Cannabis Rescheduling

For the past 54 years, cannabis has been categorized as a Schedule I controlled substance under the Controlled Substances Act. Schedule I drugs, substances or chemicals are defined as drugs with no currently accepted medical use and a high potential for abuse. First and foremost, the reclassification does not make marijuana legal, as it remains an illegal substance under federal law. From a banking perspective, the compliance requirements under the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regu ...