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Trade Group Offers Guidance To Marijuana Businesses On How To Find Banking Services Amid Federal Prohibition

Click: Time:2023-04-11 14:15:10

With the congressional effort to remove federal restrictions on marijuana banking still ongoing, a coalition of financial institutions has released new guidance for cannabis businesses trying to secure banking services.

While compliance can be onerous compared to banking for most businesses, the report published on Monday by the Cannabis Industry Financial Group (CFIG) says it’s nevertheless possible for the marijuana industry to obtain above-board, reliable financial services without waiting for passage of the Secure and Fair Enforcement Regulation (SAFER) Banking Act.

“While conflicts between federal and state cannabis policies remain, some financial institutions have chosen to offer banking services to state-legal cannabis related businesses (CRBs),” the guidance says. “If done properly, in a highly compliant manner in accordance with Financial Crimes Enforcement Network (FINCEN) guidance and in open cooperation with financial regulators, financial institutions can permissibly serve the state legal cannabis industry without adverse action and enforcement.”

The document, “Keeping Your Accounts Safe & Sound: A Guide to Selecting a Financial Institution with a Strong Cannabis Banking Program,” comes on the heels of advice CFIG offered in July to banks and credit unions looking to service the state-legal marijuana industry.

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