As the legal cannabis market continues to grow, many community banks and credit unions are looking for ways to support this thriving industry. Banking cannabis brings its own set of challenges and regulations, but with the right partners, it can be a lucrative opportunity for financial institutions. Cannabis is now legal for recreational use in 21 states, and DC. Furthermore, it is approved for medical use in 37 states.
Green Check Verified, works with numerous banks and credit unions all over the country to help them navigate the complexities of cannabis banking. The team of experts has years of experience in the industry, including Senior Vice President, Peter Su, who we sat down with to discuss the topic further. Peter is an expert is Cannabis banking with many years of experience on the banking side including stints with East West Bank and Dime Community Bank. Peter understands risk, the intense regulatory scrutiny banks are under, and how to work with regulators to ensure cannabis banking is in line with state and federals laws. In the end, cannabis is a legal business in 37 states and will continue to scale. Community banks need to take a hard look at the potential upside & risk and decide to partner with the right companies in the industry.
Tune into our latest conversation where Peter and Keith Daly, Principal, Banking & Fintech Search at Travillian, discuss tips for banks on how to enter the cannabis market and where to start.
