National Credit Union Cannabiz Conference Set for October in Vegas
Organizers say speakers and panel discussions will demystify how credit unions can serve the growing marijuana industry.
Organizers of the Credit Union Cannabiz Conference, which bills itself as the first national conference dedicated to solving credit unions’ unique challenges in the cannabis market, will be held in the Park MGM in Las Vegas on Oct. 13-15.
Last year’s conference was cancelled because of the pandemic.
Speakers such as Sundie Seefried, CEO of Safe Harbor Financial and chair of Safe Harbor Private Banking, will explain what it takes to get into the business of banking cannabis funds, and experts such as attorney Lynn Ciani and entrepreneur Dierdra O’Gorman of EMPYREAL Logistics will give insight into the struggles of banking cannabis, including the BSA requirements.
“There is 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,” Amy Vigil, executive director of the CUCC, said. “We aim to demystify how credit unions can serve this growing industry.”
To help credit unions develop a successful program, organizers say credit unions will learn about the needs of cannabis business owners, what regulators look for in a model compliance program, insights about obtaining buy-in from the board of directors, the importance of money logistics and other topics.
So far, cannabis is legal in 37 states for adults for medical use or adult recreational use. However, it remains a Schedule 1 drug at the federal level, 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, which creates a number of safety issues.
By the end of the second quarter, 174 credit unions and 510 banks were providing banking services to marijuana-related businesses across the nation, according to FinCEN. At the end of the first quarter of this year, there were 169 credit unions and 515 banks offering banking services to MRBs.
Registration and more information about the Cannabiz Conference, produced by the Credit Union Association of New Mexico, is available at CUCannabiz.org.