Thursday, January 18, 2024 10 AM CT | 60 Minutes
This session has completed.
When Governor Ivey signed SB 46, also known as the “Darren Wesley ‘Ato’ Hall Compassion Act,” into law back in March 2021, few, if anyone, would have anticipated that the state’s medical marijuana program would not yet be operational over two years later. However, after a series of challenges to the licensing process raised by unsuccessful applicants, it looks like there is finally a light at the end of the tunnel, and the state anticipates that licenses for all business types (from cultivation facilities to dispensaries) should be awarded by the end of the year. There is no set date for sales to begin, but if it takes about three months to grow and harvest a crop and send it for processing and distribution, sales could begin as early as late Spring 2024.
Accordingly, on January 18th, at 10 am CT, Alabama Bankers Association, in conjunction with Green Check Verified, will present “Cannabis Banking in Alabama: Market Overview and Fundamentals,” a 60-minute virtual presentation that arms Alabama banking professionals with the knowledge they need to engage with the legal cannabis industry in Alabama.
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 Alabama
- 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 Alabama
The Alabama legal cannabis industry comes with its own particular challenges and opportunities. In this session, we will explore the current state of Alabama’s cannabis market; where that market is headed; and what financial institutions in Alabama need to understand to grow with this industry safely and effectively.
- 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
- Board members
- Compliance and risk officers
- Branch operations managers
- Business development teams
- Lending officers
- Marketing and communications teams