Buy! Sell! Puff! Pass! What Wall Street Dropping Drug Testing For Cannabis Could Mean For Your 401k
This article was originally published on Cannabis.net on Friday, Feb 9, 2024, and appears here with permission.
Earlier this year, we found out that major Wall Street banks were forgoing drug testing for applicants, including marijuana, in a significant shift from customary standards. This trend mirrors wider shifts in legal and cultural views, as well as the rising acceptance of cannabis use in professional groups.
The following lists the modifications that major financial institutions are implementing, as reported by Business Insider:
Bank of America Corp (NYSE: BAC): No longer conducts drug testing for new hires or current employees.
Citigroup Inc (NYSE: C): Employment does not require drug testing, with a focus on evaluating involvement with the cannabis industry.
The Goldman Sachs Group Inc (NYSE: GS): Has recently amended its policy to exclude marijuana from drug testing for new hires.
JPMorgan Chase & Co (NYSE: JPM): Policy on drug testing was not provided, but the company has previously tested employees of suppliers.
Morgan Stanley (NYSE: MS): Does not require drug testing for existing employees or new hires.
UBS Group AG (NYSE: UBS): UBS did not comment on its post-acquisition policies, while Credit Suisse declined to discuss past practices.
Wells Fargo & Co (NYSE: WFC): Maintains a drug-free workplace but does not conduct pre-employment marijuana screening.
This trend among Wall Street institutions reflects a broader reevaluation of cannabis nationwide, influenced by its legal status in multiple U.S. states and evolving public sentiment.
The shift is driven in part by practical considerations, such as the difficulty of enforcing stringent drug-free policies in areas where cannabis is legal and the necessity of attracting top talent in a competitive job market.
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