ACCCE On Demand – ACAMS Colorado Chapter – An Update to Cannabis Banking – The Evolution of Lending
Financial Institutions (“FIs”) have been offering depository services to the cannabis industry since 1996 and according to FinCEN there are 706 FIs currently filing SARs on customers/members as of June 2022. However, the cannabis industry has had to seek financing from non-traditional avenues of capital for their financing needs since 1996: personal investment, family, friends, hard money lenders, equity investments, and/or capital improvements via net profits. The presentation will have an overview of banking cannabis and explore the requirements for FIs to compliantly lend to the cannabis industry.
ACCCE On Demand - ACAMS Colorado Chapter - An Update to Cannabis Banking – The Evolution of Lending