Cannabis banking remains a complex and evolving issue within the financial services industry. Due to conflicting federal and state laws, many financial institutions are hesitant to serve cannabis-related businesses, leaving much of the industry operating in cash.
However, growing state legalization and proposed federal reforms have increased the demand for clear regulatory guidance. Credit unions and banks that choose to serve the sector must implement robust compliance programs to manage heightened risks related to money laundering, customer due diligence, and reporting requirements.
As the legal landscape continues to evolve, financial institutions are exploring cautious entry strategies to strike a balance between opportunity and regulatory responsibility.
As such, NASCUS provides the following resources:
- Annual Cannabis Banking Symposium
- NASCUS Report articles and news, including:
- Senate Advances Bipartisan Proposal to Ban Most Hemp-Derived THC Products
- Credit Unions and the Underserved: Cannabis Businesses
- Now That It Appears Marijuana Is Being Rescheduled, How Does That Process Work?
- Bridging the Gap: Cannabis Rescheduling to Align Policy with Research
- FDA Continues to Take Stance That It Will Not Issue CBD Rules
NASCUS will continue to monitor this topic and add information as it becomes available.