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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