Cannabis Banking: What You Need to Know
The cannabis business is thriving across America as legalization at the state level continues at a rapid pace. 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 all that money 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 learn regulators' expectations, oversight concerns, third party vendor management, and the differences in banking hemp and CBD compared to cannabis. Whether financial institutions wish to bank the industry or not, cannabis funds will pass through all financial institutions, and we must all have the tools necessary to fulfill BSA obligations; directly or indirectly.
WHAT YOU'LL LEARN
Just a sampling of what this webinar will cover:
- A Cannabis Banking Program Overview (Methodology, Growth, Pain Points).
- A Legal Perspective after Years of Experience.
- Regulator Expectations and Oversight Concerns.
- Policies & Procedures Impacted by Cannabis.
- Payment Processing & KYCC Expectations.
- Business Complexity and Structuring for Protection.
- Restrictions, Limitations, and Concentration Considerations for Those Wishing to Bank Cannabis.
- Third-Party Vendor Management; What to Expect and What to Look for In a Third-Party Solution?
- Why It Is Easier to Get a Cannabis Account Vs. Hemp & CBD.
- Hemp & CBD Banking Considerations Compared to Cannabis.
- Getting Started on the Path to Banking Cannabis, Hemp & CBD.
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