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.
1 ACAMS Credit
**Please note that ACAMS credit for this virtual event is available to members of the Chapter only.