Missouri’s cannabis businesses would have fewer obstacles when it comes to accessing banking under recently approved legislation.
Few banks nationwide serve cannabis businesses and their owners — or even their auxiliary partners — because most want nothing to do with a business that sells a product the federal government still considers illegal. That’s true even in states that have legalized cannabis.
On Friday, May 12, the Missouri House passed a bill allowing cannabis business owners to sign a waiver giving permission for state agencies to share their licensing and inspection information with their financial institutions. The feds have advised banks that they can provide services to the cannabis industry if they follow the Financial Crimes Enforcement Network (FinCEN) guidelines.
FinCEN requires banks to inspect every facility and licensee to make sure they’re legal and reputable — something the Department of Health and Senior Services, which oversees the state’s cannabis program, already does, said Jim Regna, CEO and founder of Triad Bank.
Read more at missouriindependent.com