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AUTHOR: Heather Allman
PUBLISHER: CANNABIS LAW REPORT
What Eaze’s Former CEO’s Guilty Plea Says About the State of Cannabis Banking: What’s Next?
BACKGROUND & CONTEXT
Eaze’s former CEO, Jim Patterson, pleading guilty in a case accusing the company of tricking banks into processing $100 million worth of cannabis credit card payments.
This news has sparked debate among the cannabis community over whether cannabis banking laws forced Patterson to go the illegal route, if this news proves the need for Congress to pass cannabis banking laws, and what legal payment/banking options cannabis businesses have other than cash.
On March 18, 2021, I talked with Ryan Hale, Chief Sales Officer and Partner of Operational Security Solutions (OSS), which was purposefully assembled almost five years ago by a team of former law enforcement, military and federal service professionals to directly support the security and banking needs of the legal cannabis industry.
OSS supports two dozen financial institutions and more than 100 Marijuana-Related Businesses through bicoastal operations in the central valley of California and the greater-Philadelphia area.
Notably, OSS is working on compliance consulting and security in New Jersey and Virginia and can weigh in on some of the complex issues facing operators in these states.
Ryan Hale, CSO and Partner of Operational Security Solutions
Cannabis Law Report, Q1): Did you expect Patterson to plead guilty ?