The National Association of State Credit Union Supervisors (NASCUS) recently rounded up a handful of cannabis banking articles for compliance professionals to take note of.
One article published by Fast Company — “Will a DEA Reclassification of Marijuana Put the Banking Industry at East? Cannabis Companies Hope So” — discusses how lack of banking services often puts cannabis businesses in harm’s way as it forces them to operate only in cash.
“Rescheduling might make some banks more willing to consider doing business with cannabis firms, said Julie A. Hill, a professor at the University of Alabama School of Law,” the article states. “But even then, they would face costly regulatory requirements to vet funds coming from the industry — because the federal government lists cannabis as illegal, every marijuana-related transaction is considered suspicious, Hill said in an email.”
You can read more here.
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