In this episode of 'Under the Microscope,' host Jenny Germano discusses the nuances of banking for Cannabis Regulated Businesses (CRBs) with Erin O'Donnell and Michael Beird from the Association for Cannabis Banking. This episode explores the history, challenges, and future of cannabis banking. Learn about federal restrictions, compliance requirements, and the tiered risk system designed to manage these CRB’s. Discover practical advice for cannabis operators and hear why education and compliance are crucial for bridging the gap between bankers and cannabis professionals. Don’t miss this brass tacks discussion packed with expert knowledge and industry specific guidance.
👉 Visit Jenny's website: https://www.icsconsultingservice.com
📢 Our Guest Info: Founders Erin O'Donnell and Michael Beird
Association for Cannabis Banking
✨New Book: Cannabis Banking: Legal Frameworks and Practical Solutions for Cultivating Compliance
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Timestamps:
00:00 Introduction and Host Background 00:43 Guest Introductions and Backgrounds 03:51 Challenges in Cannabis Banking 04:25 Federal Restrictions and Their Impact 07:06 Current Financial Institutions Serving Cannabis 11:36 Banking Regulations and Compliance 15:15 Understanding FinCEN Guidelines 24:20 Risk Levels in Cannabis Banking 27:36 Understanding Revenue Streams in Cannabis Banking 27:56 Compliance Risks for Banks in Cannabis Industry 32:11 Suspicious Activity Reports (SARs) Explained 36:35 Challenges and Solutions in Cannabis Banking 38:52 CRB Fees and Compliance Costs in Cannabis Banking 43:59 Tips for Cannabis Operators Seeking Banking Services 49:12 Educational Resources and Wrap Up
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