Until marijuana is no longer a Schedule I drug under the Controlled Substances Act or exceptions to the federal law are passed, banks will still be taking a risk when it comes to providing financial services for cannabis companies, a panel at the Minority Corporate Counsel Association’s 2019 Creating Pathways to Diversity Conference in New York said Wednesday.
Steve Shine, vice president and corporate counsel at Prudential Financial Inc., said without legislation protecting banks from criminal liability, the industry will remain a cash business.
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(Left to Right): Charles Smith, vice president of enterprise anti-money laundering at Prudential Financial Inc.; Guillermo Artiles, partner at McCarter & English; Daniel Kim, assistant general counsel, global financial crimes legal at JPMorgan Chase & Co.; Gina Jones, chief financial crime officer at Equitable Holdings Inc.; and Steve Shine, vice president, corporate counsel at Prudential Financial Inc. at the Minority Corporate Counsel Association’s 2019 Creating Pathways to Diversity Conference in New York on Wednesday. Photo: Daniel Clark/ALM




