By Hilary Bricken, Co-founder Harris Bricken Last week, the Financial Crimes Enforcement Network (FinCEN), issued new guidance (the “FinCEN Guidance”) for financial institutions working with hemp-related businesses. The FinCEN Guidance centers on due diligence requirements as related to the Bank Secrecy Act (BSA). This guidance follows closely on the new National Credit Union Administration (NCUA) […]
Financial Crimes Enforcement Network (FinCEN)
A Half-Banked Industry — New Cannabis Businesses Need Access To Financial Service
By Adam Crabtree, Andrew Freedman and Crystal Good If you ever open a cannabis business, you will have this meeting: Some really big guys will contact you about your cash problem. A cash problem only they could solve. It will require unmarked, bullet-proof vans, guns, more big guys, and some special relationships with government officials. […]
Banks Gaining Confidence, Opening Doors to Navigable Pathway for Cannabusinesses
Banking for the cannabis industry has been a challenge to say the least. That said, there exists a navigable pathway for existing cannabis markets and for new state markets to follow. In light of lingering concerns that Attorney General Jeff Sessions will crack down on marijuana, the industry continues to see increased support from banking institutions. […]
