adminWith the legalization of various cannabis products under state law, businesses in this sector have sought financial services to manage their business needs and the large quantities of cash exchanged. The Compliance Bulletin discusses the history of the law around cannabis/marijuana and some of the compliance and risk considerations that are important to know if your credit union is considering serving a cannabis business.
“With the growth of the hemp industry there are great opportunities to assist these businesses with their financial needs,” said Mike Lee, LSCU’s director of regulatory advocacy. “While there is great potential to generate revenue with these businesses it is vital that credit unions wishing to do so substantially invest in compliance in this area. We’ve created this bulletin to provide leaders some insight into the risks and complications so they can make an informed decision in serving hemp-related businesses.”
The bulletin also includes a comprehensive set of steps to follow when beginning to serve those businesses. You can see the bulletin here.
