Those that acutely follow the cannabis industry and the path to legalization in various states know that the 2020 election was another watershed event for the industry. Among other things, the following occurred:
HDCS’s Chief Compliance Officer, Chris Gunias talks about the recent banking-related risks that COVID has created and lists a few best practices to help prepare for adding these risks to your institution’s risk assessment.
At HDCS, we are sometimes asked about our 66 page Risk Assessment and why this piece of our comprehensive Cannabis Banking Program is essential at implementation. We went straight to the source and asked our Chief Compliance Officer, Chris Gunias to answer this question. Read below to hear Chris’s perspective.
FDIC Chairwoman, Jelena McWilliams, recently said that “bankers will be “OK” with regulators if they conduct due diligence that ensures cannabis clients comply with state regulations and follow 2014 FInCEN guidelines.”
Now that 33 states have passed some form of cannabis legalization and 66% of registered voters approve of legalizing cannabis (Pew Research), is it time for your financial institution to wade into the business?
On May 13, 2020, the House of Representatives released the content of a new COVID-19 stimulus bill. Included in this bill is a provision to provide a safe harbor for financial institutions to bank cannabis related businesses (CRBs).
There is a collection of information that give bankers clues as to what regulatory guidance, rules, and best practices will eventually look like when it comes to banking the Cannabis industry.