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Cannabis Banking, Simplified.

Shield's purpose built compliance platform manages the risk, compliance and operational demands associated with banking in the legalized cannabis industry. With Shield's transactional and operational transparency tools, compliance officers are notified of non-compliant activity quickly. 

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California Weed Entrepreneurs Will Make $5.2B In 2018 With Almost No Banks To Put It In



California cannabis entrepreneurs will earn $5.2B in revenue in 2018 as recreational use becomes legal there. The state will collect about one billion dollars in accompanying marijuana taxes. These numbers, estimated by Matt Karnes, industry analyst and managing partner of New York's GreenWave Advisors, point to the giant need for banking and financial services in the nascent legal cannabis industry. These services however are generally not available and are federally illegal. Some glimmers of change though, are on the horizon

Banking is severely limited for the cannabis industry, even when it is legalized by state law. As a “schedule one” substance, cannabis is categorized to be as harmful as heroin, and banks risk losing their federal charter if they work with cannabis companies. Financial institutions need to go on record with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCen) when they establish a relationship with a known Marijuana Related Business, and Karnes estimates that just 5% of all banks have done that. He believes that fewer than 1% of all banks in the United States are currently working with cannabis related companies...

...Other technology start-ups like Shield Compliance in Illinois are also aiming to offer software to help banks with compliance, financial transparency and record-keeping to reduce the risk of working in the industry. >>>