Legitimate marijuana growers and retailers are hoarding cash in backroom safes, storage units, and mattresses because they cannot find suitable banking services. Your institution can help them while benefitting from fees and increased profits.
Cannabis is now legal in 32 states for medical use. Ten states and Washington, D.C. have additionally legalized recreational use. This $12 billion industry is expected to double in the next five years. The majority of the 10,000 companies operating in this space are unbanked, creating a massive opportunity for you to provide financial services to this lucrative market.
Some banks are already serving this industry; hear how they manage the many risks and continue to develop a best practice model. BayCoast Bank in Swansea, Massachusetts is one of those successful institutions. Gary Vierra, its chief risk officer, has led the charge to accommodate cannabis clients and is willing to share what he learned with you in an upcoming conversation.
Gary will provide a thorough overview of the steps BayCoast Bank took to service the cannabis industry. You will learn the best practices and potential pitfalls. There will be plenty of time for detailed questions, enabling you to link the information to the particular challenges you face in your community and institution.
WHAT YOU’LL LEARN
Some of the questions that will be answered during this webinar include:
- How should you assess the risk and decide if this business is for you?
- Is it possible to generate profit? How?
- What specific steps must you take to maintain regulatory compliance?
- What works and what doesn’t?
- What real-world lessons did Bay Coast Bank learn?
YOUR CONFERENCE LEADER
Your conference leader for “Talk to a Banker Who Is Successfully Banking the Cannabis Industry” is Gary Vierra. Gary is the senior vice president and chief risk officer at BayCoast Bank, Swansea, MA. He has had over 30 years of experience in the banking industry. Gary holds a BSBA and an MBA in accounting.