 | The cannabis industry has grown rapidly in recent years, and demand is expected to continue increasing following cannabis legalization initiatives. Although cannabis is now legal – either medically or recreationally – in the majority of states today, it remains illegal on a federal level, hamstringing cannabis-related businesses (CRBs) from accessing traditional financial accounts. As this industry continues its rapid expansion, it is increasingly important that it has access to traditional banking services. While there is certainly demand for these services, credit unions are, understandably, skeptical. Is it safe? How do you bank them? How do you navigate compliance? Are there safe harbors in place? While banking CRBs can be risky, it can also be highly rewarding, especially for credit unions. Credit unions have a unique opportunity to serve CRBs, as they are often more member-focused and do not cross state lines as often as their big bank counterparts. Ultimately, it requires credit unions to understand the nuances of the industry, closely monitor ongoing guidance and regulation changes, adequately safeguard the institution, and train staff accordingly. Download this whitepaper that discusses aspects of banking cannabis-related businesses your credit union should consider, including:
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