Banking Legal Marijuana Businesses

The increasing acceptance of marijuana- and cannabis-related products, combined with flexibility within state legal systems, makes it absolutely essential for every financial institution to understand the myriad impacts this changing landscape can have on almost every element of business operations. From lending to deposit accounts and human resources to BSA, you need to understand the landmines and embrace the opportunities presented by this growing field.

Today’s shrinking margins and increased competition (including from fintechs) should have every institution considering expanded business lines or additional income sources and ways to serve your community. One thing that has not changed, however, is the need to perform a thorough risk assessment before embarking on any new adventures. This is especially true with the cannabis industry, as the landscape is continually changing, and more players continue to stream into the marketplace. Join veteran financial services attorney David Reed as he gives a timely overview of the current cannabis industry as it relates to financial services.