Will a DEA reclassification of marijuana put the banking industry at ease? Cannabis companies hope so.

The lack of banking services often puts cannabis businesses in harms way as it forces them to operate only in cash.

The Biden administration’s move to reclassify marijuana as a less dangerous but still controlled drug was hailed as a monumental step in reshaping national policy. But it might do little to ease a longstanding problem in the cannabis industry—a lack of loans, checking accounts and banking services that other businesses take for granted.

“As far as financial institutions...