Peter Su, a seasoned expert in cannabis banking, discusses what goes on in banking within the legal cannabis industry. Peter also talks about federal and state legal contradictions, the challenges of securing banking services for cannabis businesses, and how banking regulations have evolved over time. Peter gives a look into the operational risks and responsibilities banks face under the Bank Secrecy Act, the misconceptions about cannabis banking, and the gradual acceptance by some financial institutions to service this high-risk industry. Tune in as Brian and Peter discuss both the progress and ongoing challenges in cannabis banking as of May 2024.

Chapters:

• 00:00:00 - Unpacking the Risks in Cannabis Banking
• 00:00:49 - How to Flourish in Cannabis: Today's Masterclass
• 00:01:18 - Introducing Peter Su: Veteran of Cannabis Finance
• 00:01:58 - Tracing the Roots: How Cannabis Banking Began
• 00:03:51 - Where Cannabis Banking Stands in 2024
• 00:07:00 - Debunking Myths: Today's Cannabis Banking Reality
• 00:10:49 - Exploring Different Types of Cannabis Financial Services
• 00:14:42 - Strategic Insights: Adapting to the Cannabis Banking Landscape
• 00:18:52 - What Does Schedule III Mean for Cannabis Banking?
• 00:19:38 - The Tug of War: Federal Laws vs. State Initiatives
• 00:22:36 - Essential Banking Services for Cannabis Operators
• 00:25:17 - Navigating Regulatory Hurdles in Cannabis Finance
• 00:28:20 - Banking Benefits for Cannabis Industry Employees
• 00:32:21 - The Realities of Lending in the Cannabis Sector
• 00:37:09 - Wrapping Up: What's Next for Cannabis Banking?

Links and Resources:

• Peter on LinkedIn
• Rolling Stone articles by Peter Su
• Flourish Software
• Brian Weber on LinkedIn

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