COVID 19, BANK LIQUIDITY AND LOST EARNINGS: HOW CANNABIS CAN HELP
We are west of the Mississippi (i.e., in unknown territory) with the COVID 19 Virus. I managed a bank through Y2K, 9/11, and the Great Recession. All were unprecedented events.
For banks that are concerned about liquidity or replacing income, management may want to evaluate a Cannabis banking program. Recently, we sent several financial institutions an analysis of how Cannabis banking can be immediately and significantly accretive to their earnings and liquidity; even after the costs of putting in a comprehensive compliance program utilizing best practices. We are happy to provide that analysis for free to any institution that is interested.
Clearly, the Cannabis industry is here to stay and will grow rapidly in the next decade. I hate to call any industry recession proof, but it is unlikely that consumption of cannabis will materially decline in a deteriorating economy. And, we know that financial institutions that are early movers in the space will significantly benefit.
HDCS is pleased to offer a free consultation for the team at your bank.You can visit the link below to schedule a video conference at your convenience that goes through the state of Cannabis banking in the U.S., laws and regulations, and the best practices for safely banking the industry. And if you already have an existing or proposed Cannabis program at your bank, we can provide a free assessment with recommendations.