Under current US federal laws, any contact with money that can be traced back to state marijuana operations could be considered money-laundering, thus exposing banks to significant legal, compliance, operational, and regulatory risk. The SAFER Banking Act seeks to change that and would allow legally operating cannabis businesses the same access to financial institutions as other legal businesses, from accounts to lines of credit and loans. Ryan Magee spoke with Banking Risk and Regulation about the Act and how it may impact cannabis-related businesses.
11.22.2023