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Is it OK to do just a little bit of cannabis banking?

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Question: 
Management would like to cautiously bank “just one really good” customer who is getting into cannabis sales. Can we ease into it like this, and if so, what should we focus on?
Answer: 

In my experience, a “doing a little bit of cannabis banking” is like “being a little bit pregnant”. It is all or none, Baby. Some folks may enjoy casual dabbles in cannabis, but when it comes to cannabis banking, you cannot go into it halfway. There are many, many considerations, and failure to account for them all will only land you in trouble you don’t even know about. Examiners will (and have) told financial institutions to make up their minds – in or out. Don’t get into the game unless you are fully prepared. Cannabis banking can be very profitable, but it takes much education and effort to be ready.

Join my upcoming webinar “Top 10 Cs of Cannabis Compliance” on February 21, 2024 to learn what you need to know to make an educated decision on banking cannabis!

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Learn more about Rebekah Leonard's
Top 10 Cs of Cannabis Compliance webinar.

First published on 02/18/2024

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