Lack of regulatory clarity in hemp and marijuana industry still hindering bankability

Author: John Crabb | Published: 1 Nov 2019

Members of the US community banking sector are now one step closer to receiving the clarity that would allow the fledgling marijuana and hemp industries the necessary legitimacy for growth.

The current patchwork of individual state and federal regulations means that those banks looking to work with investors, farms, providers or dispensaries do not have any guarantees of safety that activity will go unpunished. As such, working in the sector remains taboo for most.

Speakers at the American Banking Association's (ABA) annual conference in Seattle this week were confident that further ru bnvles would soon provide some form of clarity.

"I am tired of talking about marijuana. We need resolution on this huge issue. It is only going to get worse, and it will take all of us to get that done," Joanne Cundiff, president and CEO, First State Bank of St. Charles, told delegates in Seattle, echoing sentiments of...