Deep Dive: Banking the Cannabis Industry
In 1996, California became the first state to establish a medical cannabis program and in 2012, both Colorado and Washington became the first states to legalize adult use of recreational cannabis. To date, 18 states and the District of Columbia have legalized adult use of recreational cannabis with multiple other states legalizing medical use cannabis. Financial institutions choosing to provide banking services to cannabis-related businesses must address several unique issues, including offering payment services to clients operating in this space. Panelists will discuss lessons learned with regard to banking issues from the frontlines of the legalized marijuana industry as the industry continues to expand. How can financial institutions identify what they need to do to enter in the cannabis industry safel? How can a financial institution properly address the risk they may face?