How to Bank Marijuana Related Businesses
by Daniel J. Beck |
After the passage of the “The Arkansas Medical Marijuana Amendment of 2016,” I wrote an article in The Arkansas Banker that addressed the risks associated with providing banking services to marijuana related businesses (“MRBs”). Because of such risks, a majority of financial institutions will refuse to offer banking services to MRBs and their vendors when MRBs begin to operate in Arkansas. Some may choose, however, to take the risk. Several institutions across the country are currently banking MRBs and sharing their practices with others. Regulators also have experience with financial institutions banking MRBs and have provided additional guidance to help those who are willing to provide services to the industry.
For more information, please contact Daniel J. Beck at 501-379-1762 or dbeck@QGTlaw.com.
Note: The above is an excerpt from an article that appeared in the July 2017 issue of The Arkansas Banker. Click the link below to read the actual publication.