Today, banking for the cannabis industry and for ‘Marijuana-related businesses (MRBs)’ is treated as the stuff of fairy tales. No one seems to know the size of the opportunity or the scope of the challenge. However, cannabis is just like any other industry: there are booms and busts, gold rushes and recessions, regulatory burdens and emerging technologies. In fact, the cannabis industry is already showing signs of maturing with increased M&A activity and the rise of ancillary products like cannabidiol (CBD) entering mainstream retailers.
It is time for banks to see through the hype and the fear of the cannabis industry and understand the facts – cannabis banking can be a massive financial services opportunity.
Read on for four debunked myths to help you explore the nuances of entering this space.