Banking the Legal Cannabis Industry in Connecticut: Opportunities and Risks

WEBINAR

Tuesday, June 7, 2022 10 AM EST | 60 Minutes

With adult-use cannabis sales expected to begin shortly in the Nutmeg State, financial institutions are increasingly looking at how to work safely and profitably with the legal cannabis businesses making up this burgeoning industry.  Adult-use sales are expected to hit $250 million in the first year of the program, and medical sales are expected to surpass $210 million as well.  As part of this, not only are a new wave of direct plant-touching businesses popping up, but a vast industry of indirect and ancillary businesses are gearing up to support them. 

Accordingly, on June 7th from 10am-11 am, Green Check Verified will present “Banking the Legal Cannabis Industry in Connecticut: Opportunities and Risks,” a complimentary, one-hour virtual presentation and panel discussion that arms CT credit union and (banking) professionals with the knowledge they need to engage with the legal cannabis industry in CT.  

Presented by Green Check Verified subject matter experts — with experience building and scaling cannabis lines of business with over 100 U.S. financial institutions —this educational event covers the following topics:

Session 1: The Fundamentals of Cannabis Banking 

  • Essential terminology: cannabis/marijuana/hemp, THC/CBD
  • The cannabis market opportunity in the US
  • The cannabis market opportunity in CT
  • Defining cannabis businesses and identifying their needs
  • Federal and state cannabis law, guidance, and regulations
  • FinCEN’s 2014 marijuana banking guidance: what you need to know
  • Locating and onboarding cannabis businesses
  • Ongoing monitoring and working with your examiner

Session 2: Special Considerations in CT (Panel discussion) 

The CT legal cannabis industry comes with its own particular challenges and opportunities.  In this session, we will explore the current state of the CT cannabis market; where that market is headed; and what financial institutions in CT need to understand to grow with this industry safely and effectively.  

Q&A –

Takeaways

  • Copies of all presentation materials
  • A cannabis banking policy template
  • A copy of the sample financial model developed during the session
  • A copy of the sample risk assessment developed during the session
  • 90-day access to a recording of both sessions

Audience

  • Board members
  • CEO
  • CFO
  • Compliance and risk officers
  • Branch operations managers
  • Business development teams
  • Lending officers
  • Marketing and communications teams

Presented By

Paul Dunford

Co-Founder and VP of Knowledge
Green Check Verified

Paul is a co-founder of Green Check Verified, where he is the VP of Knowledge. Paul oversees the development and management of compliance programs for Green Check Verified’s clients, with a focus on state-level compliance as well as compliance around federal guidance.

Stacy Litke

VP, Banking Programs
Green Check Verified

Stacy Litke is a cannabis banking expert at Green Check Verified, who believes every cannabis business deserves the ability to bank confidently and every community bank deserves a chance to grow with that industry. Stacy has seen the financial services industry from multiple angles having experience in Retail, Lending, Operations and Technology, from the seats of Community Banker, FinTech Company and Consultant. Prior to joining Green Check, Stacy was SVP of Operations for a Massachusetts based, $900 million community bank.

John Gadea

Head of Program Compliance
Green Check Verified

John Gadea is the Head of Program Compliance at Green Check Verified. His background is in regulatory oversight and legislation with the state of Connecticut including 13 years as Director of State Drug Control. He oversaw the development, implementation and oversight of the Medical Marijuana Program as well as the state Prescription Monitoring Program.
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