Crawl, Walk, Run Toward a Compliant Cannabis Banking Program
The U.S. legal market is projected to be worth upwards of $41 billion by 2025, potentially double the current market size. However, unresolved conflict between state and federal law on cannabis – on top of a complex regulatory landscape – has left much of this industry unbanked. As the pandemic continues to put pressure on bank earnings, cannabis-related businesses (CRBs) can provide non-interest income in the current environment and, with the prospect of rising rates due to inflation, be a valuable source of low-cost deposits.
Taking a crawl, walk, run approach to cannabis banking can help ensure banks are in the best possible position to build a strong foundation, scale their programs while managing costs, and pass compliance exams.
This session will delve into the findings of Shield Compliance’s most recent cannabis banking benchmark survey to help Western bankers understand how to operate compliant and profitable programs. Specifically, participants will gain a deeper understanding of how to:
- Identify and mitigate risk through the development of clear policies and procedures.
- Implement a cost structure that allows them to remain competitive as more financial institutions enter the cannabis market in the coming years.
- Institute best practices to ensure compliance management and business development teams deliver a quality customer experience.
President & COO