MADISON, Wis., April 21, 2020 /PRNewswire/ — In just a few years, cannabis has gone from a criminalized drug to a global $150 billion business. Legal marijuana will create a $40 billion boost for the U.S. economy this year alone, with the potential to surpass $100 billion in 2023. With 47 states and the District of Columbia legalizing some form of cannabis, a growing number of financial institutions are choosing to provide banking services to the cannabis industry.
Cannabis banking is working. Currently, 715 banks and credit unions serve the U.S. cannabis industry and every state has at least one financial institution that serves cannabis businesses. “All financial institutions are confronted with a myriad of state and federal regulations that can not only intimidate bankers, but also expose the institutions, their Directors, Executives and staff to potential legal issues if not handled correctly,” says Dena Somers, Esq, Founder of Finreg Partners, noted legal authority on regulations and compliance in financial services.
BankersHub, the leader in financial services education for over 12 years, in conjunction with BankerCollege, its Learning Management System, has launched the industry’s first Cannabis Banking Professional (CBP) certification this week. “We’ve been on the forefront of cannabis banking education and are thrilled to launch the industry’s first ever certification for financial services professionals,” said Erin O’Donnell, Co-Founder of BankersHub. “In this climate of remote learning, we felt this on-demand self-paced training is the program institutions need to keep their staff up-to-date on compliance while at home.”
The 8-course certification program focuses on:
- Understanding opportunities and risks for banking cannabis, Hemp, and CBD businesses
- Banking strategy and marketing opportunities
- Marijuana-Related Businesses (MRB), including cultivators, processors, testing facilities, dispensaries and more
- Regulatory risks every institution must consider for developing a cannabis-related compliance program
- SAR filings, due diligence, monitory, training considerations, FINCEN guidance
“The industry is hungry for this information and expert guidance in compliance, strategy, risk and to help them navigate the challenges of banking cannabis-related businesses,” said Michael Beird, Co-Founder of BankersHub.
BankersHub, through BankerCollege, delivers over 400 annual webinars, on-demand certification training and live-streaming of events to the financial services industry, as well as other industries wanting to take live events online. Visit www.bankercollege.com for more information.