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CBD, hemp, marijuana – the three are inextricably intertwined to some extent, but the legal status of each is different. For bankers who are seeking to control risk, it is essential to gain foundational knowledge about what they are and how they are treated legally, as well as what roles individuals and companies can have in the hemp, CBD and marijuana universe. This program provides a clear and complete guide to what bankers need to know on the subject.
From a banker’s perspective, it all comes down to two things: risk and reward. Seems simple enough, but when it comes to assessing the risk posed by customers who are involved, directly or indirectly, in businesses that are cultivating, processing, or selling CBD, hemp, or marijuana, the facts can be a little hazy. First, the customers may not self-identify, so you must ask the right questions, do the right searches, know what to look for. Second, there are no universal answers. CBD isn’t always legal in every situation. Neither is hemp. And marijuana is even more fraught with potential legal jeopardy We’ll explore the factors that impact the legal status of each of them.
We are in the middle of one of the most unusual times in U.S. history. We’ve gone from the days of “Reefer Madness” to more than three dozen states legalizing medical marijuana and another 11 allowing adult recreational use. Seemingly overnight, CBD shops have popped up all over the country, with proponents heralding cannabidiol as an effective treatment or cure for an amazing array of diseases and conditions. After many decades of prohibition, farmers can grow hemp, so long as certain conditions are met and an astonishing range of products can be made with it.
- What does state law allow in any particular state?
- What is the impact of federal law?
- What’s the U.S. Attorney General’s position?
- What does FinCEN have to say?
- What does the FDA have to do with any of this?
- Who can do what legally under state law and under federal law?
- How far do you need to go?
- When do the extra SAR filings come into play?
- What/who is safe to bank, and who’s not?
- What is Congress doing that could impact your decision to “bank or not to bank”?
We will methodically sort it all out to help you assess your risks, identify your action steps and meet your compliance responsibilities.
The recording is designed for compliance officers, risk management staff, loan staff, deposit staff, bank operations, bank management and anyone making determinations on serving and implementing processes related to CBD, hemp, and marijuana related customers.
Mary Beth Guard
Since becoming an attorney in 1980, Mary Beth Guard has spent decades helping bankers stay in compliance. Mary Beth served as general counsel for the Oklahoma State Banking Department, general counsel for the Oklahoma Bankers Association, and Executive Vice President of Specialized Services for Thomson Financial Publishing before co-founding BankersOnline in 2000 and conceptualizing the site and its offerings. She also serves as CEO of Glia Group, Inc. and CEO of BOL Conferences, Inc. Mary Beth has authored many compliance-related articles, developed popular compliance aids, served as a faculty member of several graduate schools of banking, and has presented programs for dozens of state bankers associations and virtually every national banking organization.