Independent Banker - February 2022 - 51
Build a Winning
Cannabis Banking Program
GET THE GUIDE TO COMPLIANT CANNABIS BANKING
The emerging legal cannabis industry brings signifi cant growth potential, along with challenging operational
demands and complex regulations. But cannabis banking does not have to mean high-risk banking.
ơ
serve this industry, bankers need to start with a plan. Having a clear understanding
institution will help bankers prepare for the upfront costs associated with cannabis
banking and develop the policies and procedures needed to hit the ground
running. With regulations varying from state to state, it's a complex industry
with high costs, requiring a considerable investment of time and energy.
Compliant banking operations require continuous enhanced due diligence
to help guard against risks such as:
A Robust Illegal Market. According to New Frontier Data, the legal
cannabis market in the U.S. is expected to reach $41 billion by 2025.
Unfortunately, the illicit market, valued at $65 billion by some estimates,
is shrinking at a slower pace. Financial institutions must ensure that funds
coming through their doors are from legal channels.
Bad Actors. To ensure bad actors are not attaching themselves to good
owners will continue to be at a heightened level for the foreseeable future.
Legacy Cash. Because the cannabis market existed as a cash business
long before legalization and because the industry continues to operate largely
as a cash business, a strong BSA/AML program will help ensure that funds
While the added burden and cost associated with serving this industry may limit
the total number of participants in the short term, we expect competition from
and we get closer to federal recognition.
!
costs today will be able to scale as the industry grows and have a competitive
advantage when the economics of the industry change over time and new banks
and credit unions enter the market.
Informed by the experiences of pioneering bankers across a growing number
of states with legal medical and adult-use programs, the Shield cannabis banking
Ǧ
GET IT TODAY
GET THE SHIELD CANNABIS BANKING PLAYBOOK:
ShieldBanking.com/cannabis-banking-playbook
Informed account application process for
underwriting and onboarding cannabis
business accounts.
Cannabis banking, simplifi ed.
Shield Compliance transforms
comply with regulations, and address
the operational demands of the legal
cannabis industry.
#
institution daily operations, including case
management and automated reporting.
Compliant mobile payment and payroll
solutions to reduce cash transaction
dependency.
SHIELD AT ICBA LIVE 2022
Visit Shield Compliance at
ICBA Live in San Antonio, TX
BOOTH 625
http://www.ShieldBanking.com/cannabis-banking-playbook
Independent Banker - February 2022
Table of Contents for the Digital Edition of Independent Banker - February 2022
Table of Contents
Independent Banker - February 2022 - Intro
Independent Banker - February 2022 - Cover1
Independent Banker - February 2022 - Cover2
Independent Banker - February 2022 - Table of Contents
Independent Banker - February 2022 - 2
Independent Banker - February 2022 - 3
Independent Banker - February 2022 - 4
Independent Banker - February 2022 - 5
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Independent Banker - February 2022 - Cover3
Independent Banker - February 2022 - Cover4
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https://www.nxtbook.com/mspc/independentbanker/december2017
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