Knowledge and Insights
Cannabis is inclusive of marijuana, hemp and CBD. Recently, more states, including New Jersey, have legalized marijuana for recreational use and the number of states that have legalized marijuana use, whether recreational or medicinal, has grown exponentially. The regulatory risk exposure and financial benefit to financial institutions is significant. Has your institution considered its position on banking Cannabis and Marijuana-Related Businesses (MRB’s)?
Whether your financial institution is simply exploring the possibilities of expanding your service offerings to this growing customer base, or have already made the decision to move forward, it’s crucial that you understand and comply with ever-emerging regulatory supervisory expectations. Mercadien is here to act as your industry resource.
When it comes to your specific market, you’ll need to rely on experienced and certified Cannabis Banking Professionals. That’s where we come in – Mercadien’s Financial Institutions Services Group has the knowledge and experience needed to help. We have assisted our clients across the country with creating, implementing and enhancing their BSA program, specifically as it pertains to MRBs. Let us guide you through updating risk assessments and refreshing policies and procedures to address the varied risks that come along with this opportunity. Contact us at email@example.com to get started today.
DISCLAIMER: This advisory resource is for general information purposes only. It does not constitute business or tax advice, and may not be used and relied upon as a substitute for business or tax advice regarding a specific issue or problem. Advice should be obtained from a qualified accountant, tax practitioner or attorney licensed to practice in the jurisdiction where that advice is sought.