Cannabis remains a Schedule 1 drug federally, making it difficult for credit unions and payment processors to accept the funds. Cannabis dispensaries are forced to handle thousands of dollars in cash, often paying their vendors and suppliers in cash.
The Credit Union Cannabiz Conference (CUCC) will demystify how credit unions can bank money from marijuana-related businesses. The conference will be held on April 5-8 at the Palmer House Hilton in Chicago.
The CUCC will be America’s first comprehensive discussion concerning cannabis banking services and the role of credit unions in serving this emerging industry, its employees and the community. Negotiating the rigorous compliance requirements is a big first step, but dealing with the needs of cannabis business accounts, creating an aligned strategy and managing communication and reputational risk is critical to success. Providing safe, compliant and secure processes together with core system support for business banking are required deliverables in this new service. Learn strategies for success and drawbacks of failed planning from leading business and industry experts.
“There is a tremendous opportunity, and tremendous risk, involved in banking cannabis funds. We realize that this is a new frontier that requires in-depth knowledge of cannabis-related businesses, of compliance and federal regulations,” said Amy Vigil, Executive Director of the CUCC. “We aim to demystify how credit unions can serve this growing business.”
At the CUCC, credit unions will learn:
- What cannabis business owners want.
- If you are ready to open business accounts, does your core system support your plan?
- What do regulators look for in a model compliance program?
- Best practice strategy.
- Is your Board aware of the risks and the reason for entering the business?
- How to communicate with employees, members, regulators and the community.
- Managing reputational risk.
For more information about the conference, visit CUCannabiz.org.