Due to current federal law, cannabis businesses notoriously cannot access financial institutions, even just for depository accounts. In 2014, the Financial Crimes Enforcement Network (FinCEN) released guidelines that opened the door for financial institutions to provide banking services to cannabis businesses as long as strict “know your customer” standards are followed. Those FinCEN guidelines are still valid today, and they represent the only method through which financial institutions can validly bank cannabis businesses, but See more +
Due to current federal law, cannabis businesses notoriously cannot access financial institutions, even just for depository accounts. In 2014, the Financial Crimes Enforcement Network (FinCEN) released guidelines that opened the door for financial institutions to provide banking services to cannabis businesses as long as strict “know your customer” standards are followed. Those FinCEN guidelines are still valid today, and they represent the only method through which financial institutions can validly bank cannabis businesses, but they’re no picnic to follow for either financial institutions or cannabis industry customers.
In this episode, Husch Blackwell's Hilary Bricken interviews Brett Ballman and Karen Petrick of Salal Credit Union as they take listeners through the ins and outs of cannabis banking under the FinCEN guidelines and also discuss how certain states differ from others in their approach to cannabis banking. Brett and Karen also explore how federal reform will impact their cannabis industry banking customers and what they see on the horizon for the cannabis banking industry. See less -
