7.30.25 - “Not a Priority”: DEA Walks Back Cannabis Rescheduling Push — Now What?

By Alan Gaul, VP, Marketing & Brand, TASI Bank 

“In Washington, priorities come and go. But for cannabis businesses trying to bank like normal people? The stakes don’t change.” 

Just five days after Judge John Mulrooney’s retirement put the cannabis rescheduling hearing into legal limbo, newly confirmed DEA Administrator Terrance Cole quietly walked back his public commitment to move the process forward.

During his April confirmation hearing, Cole said rescheduling cannabis from Schedule I to Schedule III would be “one of my first priorities.”

Fast forward to July 25 — when he announced his top eight DEA strategic priorities — and cannabis didn’t even make the list.

Instead, Cole is laser-focused on disrupting fentanyl supply chains, foreign terrorist organizations, and international trafficking. All necessary, all urgent… but not what the cannabis industry was promised.

“For cannabis operators, rescheduling isn’t a political talking point. It’s the difference between being treated like a legitimate business or a liability.”

— Viral Shah, Regional VP, TASI Bank 

To be fair, Cole hasn’t said he won’t take action. But he also hasn’t said when — or even if — he will. The “check the box” language from his Senate questionnaire response back in May — “I will give the matter careful consideration…” — now sounds like a stall tactic more than a strategy.

And now? With no Administrative Law Judge in place, no briefing schedule, and no oral arguments allowed unless Cole specifically requests them — the entire process sits in bureaucratic purgatory. 

This leaves cannabis operators, advocates, and yes, compliant banks like us, stuck waiting while the regulatory can gets kicked down a familiar road. 

“We’ve built our cannabis business around navigating uncertainty. Our clients deserve clarity, consistency, and a federal government that can walk and chew policy at the same time.”

— Dave Joves, President, TASI Bank 

Let’s be clear: this isn’t about picking sides. It’s about creating a transparent, well-regulated, and federally recognized path for one of the fastest-growing industries in the country — and giving banks, operators, and consumers the legal guardrails they need.

 “We’re not asking for shortcuts. We’re asking for follow-through.”

— Alan Gaul, VP of Marketing & Brand, TASI Bank

TASI Bank remains committed to the cannabis industry — no matter how long it takes the feds to catch up. And we’ll keep showing up for our clients with compliance-first banking, lending, and expert guidance through every twist in the regulatory rollercoaster.

 Read Part 1 of this blog: https://tasi.bank/resources/7-28-25-the-cannabis-clock-is-ticking-what-the-dea-shuffle-means-for-the-future-of-banking-weed

Learn how TASI Bank helps cannabis businesses thrive: https://tasi.bank/420-business-banking-lending