Happy Tuesday and welcome back to the Benzinga Cannabis Newsletter. Maureen Meehan and Javier Hasse here to get you up to date on what you might have missed over the weekend and get you started on the week’s news. 

We’ve got Jamie Dimon, the CEO of the biggest bank in the country, Sen. Elizabeth Warren schooling Elon Musk and more.

In today's issue:

• JPMorgan CEO: ‘We Probably Would’ Provide Banking Services To The Cannabis Industry…Once It’s Legally OK To Do That

• Learn. Connect. Grow.

• Sen. Elizabeth Warren To Elon Musk: Cut Federal Cannabis Enforcement And Save Billions

• Have a close look at the stories for yourselves

JPMorgan CEO: ‘We Probably Would’ Provide Banking Services To The Cannabis Industry…Once It’s Legally OK To Do That

JPMorgan Chase CEO Jamie Dimon indicated that the U.S.’s largest bank was not averse to providing financial services to marijuana businesses if/when federal laws permit.

In response to a question about debanking in a recent episode of the Chase’s podcast, Dimon said, "Now, when we debank someone, they often blame that reason, but that’s not a reason. We don’t bank marijuana companies because there’s no federal law around it… If there’s a federal law, we probably would."

Such a move would would definitely be a step in the right direction toward clearing the numerous obstacles the cannabis industry faces by not having access to traditional financial services due to its onerous classification as a Schedule I substance.

Furthermore, what bank wouldn’t want to open their doors to the cannabis industry’s billions in earnings. According to an October 2024 report from Whitney Economics U.S. cannabis sales are expected to grow from $28.8 billion in 2023 to $87 billion by 2035.

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Sen. Elizabeth Warren To Elon Musk: Cut Federal Cannabis Enforcement And Save Billions

Sen. Elizabeth Warren (D-Mass.) sent a letter to Elon Musk, chair of the Department of Government Efficiency (DOGE), with suggestions to cut federal spending by $2 trillion over the next decade.

She wisely proposed scaling back federal enforcement against marijuana users and businesses, calling it "wasteful spending."

Warren highlighted potential savings of hundreds of millions annually by reducing unnecessary enforcement and detention efforts. She also took the opportunity to  criticize agencies like the DEA and Customs and Border Patrol for targeting legal marijuana businesses.

By the way, and to put things into context, when the DEA celebrated its 50th anniversary in 2023, it had spent over $1 trillion partly to enforce Richard Nixon’s 1970 Controlled Substances Act, the cornerstone of his War on Drugs.

Oh, and did we mention that 96% of cannabis consumers have totally lost faith in the DEA’s cannabis rescheduling efforts?

Have a close look at the stories for yourselves:

• Jamie Dimon Says JPMorgan Chase 'Probably Would' Provide Services To Cannabis Industry Once Federal Laws Permit

• Elizabeth Warren To Elon Musk: Cut Unnecessary Federal Cannabis Enforcement And Save Billions

• Texas Gov. Abbott Wants $11 Billion Border Security Reimbursement: Protecting 'The Rest Of America' Was Expensive

• 96% Of Cannabis Consumers Don't Trust DEA On Rescheduling Efforts: Poll

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