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Due to the federal illegality of cannabis, many banks are hesitant to work with cannabis businesses, making it difficult for these companies to operate smoothly. To navigate the complex world of cannabisbankingcompliance, businesses must develop a strong compliance program.
In previous years, Beuerlein said, financial institutions (FIs) weren’t interested in exploring how they could work with RegTechs like Hypur and other third-party players to step into the cannabisbanking sector. “That appetite was not there in the beginning.”
The conundrum of cannabisbanking in the U.S. But the cannabis market that struggles to access banking services is not limited to small dispensary storefronts (although they are undoubtedly affected by such legal hurdles). According to Lang, traditional FIs cannot meet this regulatorycompliance and reporting need.
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