Banks Actively doing Cannabis Banking

September 3 2020 21:17 - 21:18 UTC

Banks Actively doing Cannabis Banking

This On Demand bootcamp series takes a closer look into assessing risk within a CRB. We provide information from FOCUS – Foundation for Unified Cannabis Standards, an independent 3rd party standards development and certification body. This bootcamp series assumes knowledge from the previous On Demand bootcamp series “Banks Curious about Cannabis Banking’ and ‘Banks implementing CRB’ which contains many useful resources that you will find helpful so be sure to check them out, especially if you are less familiar with the cannabis industry

Financial institutions must develop effective risk management programs to manage their inherent exposure around the cannabis industry. Without thorough knowledge of what occurs in cannabis operationally, as well as how it is occurring, it is impossible to identify potential risks, such as, money laundering, unsafe and litigious manufacturing practices, or breach of state and federal regulation. The resources in this section have been contributed by FOCUS – Foundation for Cannabis Unified Standards, the only independent, not-for-profit standards development and certification body for the cannabis industry. Third-party certification, compliance monitoring, and operational oversight allows financial institutions to understand real time compliance status, as well as transparency into the processes. With the implementation of FOCUS standards and certification, banking in the cannabis industry does not have to be high-risk.

The resources below consist of:

  • Video: Tips and Tools for Underwriting Cannabis Companies- Micro Risks (State to State) – In the videos segment, Al Foreman discusses the state regulatory bodies, licensing structure, existing illicit market, local approvals, and state location and geography when it comes to underwriting cannabis companies in relation to the micro risks from state to state.

  • Article: The Importance of Standards from a Risk Perspective –written specifically for this forum from the FOCUS Founder, Lezli Engelking. Includes Info Graphic: Causes of Loss

  • FOCUS Backgrounder – providing an overview of the standards development process and content, as well as its progress towards accreditation by the American National Standards Institute (ANSI) as the first cannabis specific third-party certification body.

  • Certification Process – the steps cannabis businesses take to gain FOCUS certification and the benefits realized once certification is achieved

  • Cultivation Standard Index: this is a list of each of the areas FOCUS standards cover. Each area has multiple sub levels with specific requirements

  • Laboratory Standard Index: this is a list of each of the areas FOCUS standards cover. Each area has multiple sub levels with specific requirements

  • Manufacturing Standard Index: this is a list of each of the areas FOCUS standards cover. Each area has multiple sub levels with specific requirements

  • Retail Standard Index: this is a list of each of the areas FOCUS standards cover. Each area has multiple sub levels with specific requirements

About FOCUS Standards
FOCUS Standards are the foundation of a rigorous, comprehensive quality and safety system providing cannabis business owners, consumers, regulators and the public with a single, concise, accepted standard that protects public health and consumer safety, and safeguards the environment. FOCUS Standards are developed according to internationally accepted voluntary consensus processes to ensure robust, impartial standards. Volunteer members of FOCUS Standards development committees include professionals from the cannabis industry, regulatory agencies, quality assurance, occupational safety, medical services, law enforcement, education, science and research, consumers, patients, and the public.

  • Marijuana Related Business
  • Certified Cannabis Banking Professional (CCBP)
    • Cannabis Related Business (CRB)
    • MRB Bank Account
    • Indirect MRB
    • Direct MRB
RESOURCES
  • FOCUS Laboratory Standard Index.pdf
    Attendees Only
  • FOCUS Cultivation Standard Index.pdf
    Attendees Only
  • FOCUS Manufacturing Standard Index.pdf
    Attendees Only
  • FOCUS Retail Standard Index.pdf
    Attendees Only
  • The Certification Process of FOCUS.pdf
    Attendees Only
  • The Importance of Standards from a Risk Perspective.pdf
    Attendees Only
  • What is FOCUS.pdf
    Attendees Only
SPEAKERS
VIDEO REPLAYS

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