Banking Cannabis in Today’s Environment
NBC recently reported that the legal marijuana industry amassed $10.4 billion in revenue in the United States in 2018. Revenue is expected to reach $16 billion this year and will continue to grow. As this industry booms, cannabis business owners need to find places to store their significant profits and have an increasing need for banking support. Your institution is well-positioned to reap the profitable rewards by adding these valuable customers to your portfolio.
Marijuana-Related Businesses (MRBs) are now legal in many states. You need to understand state and local laws as well as cannabis regulations in order to serve this industry. Companies are looking for community banks and credit unions that understand the landscape and will protect their financial interests.
- How do the conflicts between laws affect banking?
- What financial services do marijuana businesses commonly need?
- What are the specific risks of banking cannabis?
- What regulations must your institution follow?
- Should your institution apply guidance from the Cole Memorandum?
- What are the FinCEN and BSA expectations for serving the marijuana industry?
- What are the key phrases used to describe a financial institution's relationship to an MRB in a Suspicious Activity Report (SAR), and what do they mean?
- How are related businesses, such as manufacturers of hemp products and hydroponic equipment, affected by banking regulations?
- What pieces of potential legislation are lawmakers considering?
BankersWeb.com Quality Commitment
BankersWeb, a division of CareerLearning, wants you to be satisfied with your webinar purchase. If this webinar does not meet your expectations, please email us at [email protected].