The emerging legal cannabis industry brings significant growth potential, along with challenging operational demands and complex regulations. But cannabis banking does not have to mean high-risk banking.
To ensure the compliance processes, procedures, technology, and trained staff are in place to serve the legal cannabis industry, bankers need to start with a plan. Having a clear understanding of what is required to serve cannabis businesses and minimize risk to the financial institution will help bankers prepare for the costs associated with cannabis banking and develop the policies and procedures needed to hit the ground running. With regulations varying from state to state, it's a complex industry with high costs to bank, requiring a considerable investment of time, energy, and resources.
Informed by the experiences of pioneer bankers, the Shield Compliance Cannabis Banking Playbook defines a path forward for financial institutions to serve cannabis-related businesses compliantly while gaining the financial rewards of this market.
Shield Compliance is transforming the way financial institutions manage risk, comply with regulations, and satisfy operational demands associated with serving the legal cannabis industry.