More banks gain a foothold in cannabis

Most banks have steered away from banking cannabis, skittish because Congress continually sidesteps passage of The SAFE Banking Act, which would provide a safe harbor to banks that service MRBs. However, both banks and industry consultants say that by adopting a stringent compliance program, banks operating in states with legalized medicinal or recreational cannabis can, by utilizing an effective compliance program, set themselves up for long-term revenue opportunities that more risk-averse banks will miss out on . . .

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