Overview
UPDATE. View the webinar recording: https://www.youtube.com/watch?v=o_wXjUCVL7k
September 8, 2020
1:00-2:00 PM CST
Webinar
Join Barack Ferrazzano Financial Institutions Group partner and Regulatory Section Leader John M. Geiringer for the "Banking Cannabis-Related Businesses (CRBs): What You Need to Know Webinar," hosted by the Michigan Bankers Association and Shield Compliance.
Michigan recreational cannabis monthly retail sales have jumped from $7 million to $39 million in just six months, despite the impacts of COVID-19 (coronavirus). The ongoing conflicts between state and federal law on cannabis has left many banks on the sidelines of this growing industry and many bankers grappling with whether, and to what extent, to engage with CRBs given the compliance and operational requirements.
Considering much of this industry operates in cash, financial institutions are in a unique position to serve what is projected to become a $2 billion market in the state of Michigan by 2024. Because this industry can be a valuable source of non-interest income in the current environment – and low-cost deposits when the economy rebounds – making informed decisions is critical. Now is the time for Michigan bankers to deepen their knowledge of this opportunity, grow their portfolios, and gain new relationships. Join this virtual session to learn the latest developments in this evolving area from experienced industry professionals. A frequent speaker on the topic of cannabis banking, John will present, "Risk and Legal Considerations for Banks," addressing current and potential considerations.
John Geiringer is a nationally recognized banking attorney who advises financial institutions on regulatory, governance, and investigative matters. John regularly provides focused training sessions to boards and management on a wide range of legal and risk management topics.