2020 is right around the corner. Now is the time to evaluate what success in 2020 looks like for you and your institution. Don’t be shortsighted when it comes to cannabis banking.

Regardless of where your institution lands on the cannabis banking spectrum, it’s important to remain focused on where the market is and where it is heading.

NCUA Chairman Rodney Hood advised that credit unions will not be punished simply for working with cannabis-related businesses that operate within full compliance of state laws.

Financial institutions all across the country shared their key takeaways from our webinar about measuring the financial impact of cannabis banking.

Contrary to most FI’s fears, banking the cannabis industry has not hurt their reputation with their target audience. In many cases, FIs have said their community reputation has improved.

Last week was a big week for cannabis in the US. The Senate committee on Banking, Housing, and Urban Affairs held a hearing considering the content of the SAFE Banking Act and the STATES Act.

You can wait for Washington but ask yourself this: when was the last time that ever worked for anyone?

In speaking with those that attended our Cannabis Banking: Can I Do It? webinar last week, it’s clear that many institutions are working on answering this exact question.

As with the opening of any new line of business, your approach comes down to how you identify and measure the risks and what mitigating controls you put in place.

It seems every board meeting, conference, and publication has a “cannabis banking” focus, but few offer a pragmatic approach to mitigating the risks involved with serving the cannabis industry.