By Miriam Cross
The excerpt below is part of a full article in American Banker, "'It takes a lot of expertise': Banks use tech to serve pot businesses," published on February 10, 2023. Read the full article in American Banker.
Oklahoma State Bank was inundated with applications when it debuted its cannabis banking program in early 2020.
But this brought challenges as well as opportunities. When a traditional business opens a bank account, it must supply documents such as an operating agreement, employer identification number and articles of organization, but "in cannabis banking, that's the very beginning," said Delene Gilbert, director of cannabis banking at the Guthrie, Oklahoma bank.
The $219.5 million-asset OSB has undergone three software conversions in its hunt for a comprehensive solution that can handle the load. Gilbert and her team wanted a product that was designed for the cannabis business and could handle onboarding, monitoring and ongoing due diligence.
This article was originally published in American Banker.