7.28.25 - The Cannabis Clock Is Ticking: What the DEA Shuffle Means for the Future of Banking Weed
07.28.2025
By Alan Gaul VP, Marketing & Brand, TASI Bank
“The only thing more unpredictable than cannabis policy in America? Who’s actually in charge of making it.”
Just days after Terrance Cole was confirmed as the new DEA Administrator, the one man who held the keys to the cannabis rescheduling hearing — Judge John Mulrooney — stepped away from the bench, taking with him the only official pipeline for advancing the rescheduling process.
No judge. No hearing. No Schedule III. No kidding.
This latest twist is déjà vu for an industry that’s used to being stuck in bureaucratic limbo. The Department of Health and Human Services recommended cannabis move from Schedule I to Schedule III over two years ago. And while politicians from both sides of the aisle have offered support — including President Trump himself — the feds have yet to take meaningful action.
So, where does that leave cannabis businesses?
Still in the grey zone.
Still locked out of traditional banking.
Still operating like it’s 1999 — cash-heavy, overregulated, and underprotected.
At TASI Bank, we’ve been helping cannabis operators navigate this chaos from day one — from seed-to-sale accounting to real lending solutions. But we’d be lying if we said we weren’t watching the DEA situation closely.
“This moment is another reminder that compliance isn’t just a box to check. It’s a strategy. Our clients need clarity, not red tape. We’re hopeful the new DEA leadership will pick up the pen and move this process forward — not let it collect dust on another empty desk.”
— Dave Joves, President, TASI Bank
Judge Mulrooney’s retirement means there is currently no one at the DEA with authority to hold administrative enforcement hearings, including cannabis rescheduling. Until a new ALJ is appointed or Cole decides to act directly, every filing, petition, and hope is floating in purgatory.
And let’s be clear: this isn’t just a scheduling issue. It’s a solvency issue.
The longer we keep cannabis in a legal gray zone, the more we jeopardize public safety, financial transparency, and industry growth.
“The cannabis industry deserves better than another bottleneck. Schedule III isn’t just a regulatory label — it’s a lifeline. It’s time for federal agencies to stop playing musical chairs and start making decisions.”
— Alan Gaul, VP of Marketing & Brand, TASI Bank
As always, TASI Bank will continue to serve the cannabis industry with what matters most: compliance, creativity, and capital. We’re ready for what comes next — even if Washington isn’t.
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