Pot Industry Banking Bill Still in Congressional Limbo (Correct)

This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Today, congressional correspondent Steven T. Dennis outlines the prospects for legislation on cannabis. Sign up here and follow us at @bpolitics. Email our editors here.

The Biden administration move toward reclassifying marijuana as a less dangerous drug gave a big boost to cannabis company stocks yesterday but not so much to efforts to change federal laws on pot or even make life easier for weed businesses in states where it’s legal.