New Ways to Serve the Cannabis Industry
Is it legal to work with clients in the cannabis industry?
Experienced lawyers will reveal the implications.
In our webinar series regarding banking cannabis, you may have recently heard insights from bankers successfully working with this burgeoning industry. Now, it is time to learn the legal implications from lawyers focused on this area.
As cannabis remains illegal at a federal level, partnering with cannabis-related businesses requires a complete understanding of all relevant law to minimize the risk associated with the industry. Once you master the legal strategies, you will be able to position your institution to provide lucrative services to new clients in this arena.
From coast to coast and Alaska to Hawaii, a substantial majority of states have now legalized some form of cannabis, with a large number of states even moving to legalize recreational or so-called “adult use” cannabis. This trend offers an opportunity for banks, non-traditional lenders and other financial institutions who aim to provide financial services to businesses involved with the burgeoning cannabis industry.
However, as cannabis remains illegal at a federal level, partnering with cannabis-related businesses requires a complete understanding of all relevant law in order to minimize the risk associated with the industry.
Join Darren Grady and William Hackney, partners on SmithAmundsen’s cannabis team, as they present a webinar on the current state of cannabis law and its impact on financial institutions providing services to the industry, offer some best practices, and discuss what the future may hold for cannabis and banking
WHAT YOU'LL LEARN
A sampling of what this webinar will cover:
- What are the relevant federal, state, and local laws?
- What impact does the Controlled Substances Act (“CSA”) have on financial institutions?
- What are the differences between cannabis, marijuana, and hemp?
- What guidance do federal prosecutors follow?
- How has FinCEN adopted the guidance, including the Cole Memos?
- What due diligence should financial institutions undertake before providing services to cannabis-related businesses?
- What SAR filings are required?
- How will proposed legislation alter the current banking landscape?
- What problems do bankruptcies pose? How can you mitigate them?
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