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Sponsored Content Whether You Like It Or Not, The Future Of Cannabis Banking Is Now.

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June 2, 2020 at 9:00 a.m.



A cannabis Safe Banking Act is part of the “HEROES ACT” being considered by Congress. If the bill passes both houses of Congress, will that change your financial institution’s disposition about banking cannabis? Here are six questions that leadership of financial institutions should be asking regarding cannabis banking:

Can our institution bank cannabis safely? Is my financial institution prepared now to openly take on cannabis banking? What resources will it require to safely bank cannabis? How does my institution price for the risk and what is the potential ROI it could achieve with a prudent cannabis banking program? Do we need to act now to build a critical mass of cannabis depositors? If my institution never wants to bank cannabis, how do we ensure that we are not? More and more BSA audits are uncovering hidden cannabis depositors in financial institutions. In fact, many experts agree that if your financial institution is in a state in which recreational cannabis is legal, then cannabis money is likely already in your bank. If a cannabis “Safe Banking Act” does become federal law (which is a matter of when and not if), then federal regulators will increase their scrutiny on all financial institutions to ensure that they have the appropriate controls and best practices in place to ensure that their cannabis depositors are compliant with all municipal, state and federal laws, codes and regulations.

Source: https://cannabislaw.report/sponsored-content-whether-you-like-it-or-not-the-future-of-cannabis-banking-is-now/

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