By Mitch Razook, President & COO
RLR Management Consulting, Inc.

RLR to offer Cannabis Compliance Program

Recently there has been much written in industry periodicals that suggests the most pressing need bankers are facing today is deposit gathering as interest rate cuts have made banking deposits less attractive at banks. Soon one of the solutions to this complex problem may be banking cannabis related money! RLR Management Consulting has been at the forefront of Cannabis Banking activities over the past year and has written several articles regarding the activities that we believe will transform our industry.

The California Department of Banking Oversight (DBO) has now delivered cannabis banking guidance in the form of an extensive questionnaire used by examiners, as part of the DBO’s continued effort to assist banks and credit unions that serve cannabis-related businesses in California and will help financial institutions make appropriate risk assessments and comply with federal guidelines.

This guidance is delivered on the heels of the House passing their Cannabis Banking Bill in September and the news that the Senate vote will take place on this bill (with modifications) before the end of the year.

RLR will be ready to provide the financial industry with a comprehensive compliance program focused on banking cannabis related deposits. If you are or have contemplated building such a high-risk deposit base, we believe you need to act fast due to the large number of institutions seeking solutions to this deposit dilemma. Those who win the deposit gathering race will be compliance ready to handle these high-risk deposits!

Contact us today for further information on how we can assist you to be ready for this transformation.