Cannabis Banking in Missouri: Opportunities and Risks

Tuesday December 13, 2022 1:30 PM CST | 120 Minutes

This Election Day, Missourians voted to legalize adult-use marijuana, four years after approving the legalization of medical marijuana.  Medical marijuana was legalized in Missouri in 2018.  As of July 2022, over 340 medical marijuana facilities have been approved to operate, from cultivation and dispensary facilities to transporters and product manufacturers.  Dispensary sales started in October 2020 and have steadily risen; as of June 2022 total sales revenues, since the inception of the program, were in excess of $393 million. Analysts are optimistic about the medical program’s growth, with industry publication Greenway Magazine projecting medical sales in 2022 alone could reach as high as $300 million.  Although it’s challenging to forecast the effect that adult-use marijuana may have on the overall market opportunity in dollars, metrics have shown that adult-use sales consistently and quickly eclipse medical sales in every state that has made this transition.

This 90-minute presentation from MBA associate member Green Check Verified will equip Missouri banking professionals with the knowledge they need to engage with the legal cannabis industry in Missouri.

The Fundamentals of Cannabis Banking 

  • Essential terminology: cannabis/marijuana/hemp, THC/CBD
  • The cannabis market opportunity in the US
  • The cannabis market opportunity in Missouri
  • 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
  • Case Study: Quantifying Risks and Rewards – Financial Modeling and Risk Assessment Exercise

Special Considerations in Missouri

The Missouri legal cannabis industry comes with its own particular challenges and opportunities as marijuana is still an illegal drug under federal law. This session explores the current state of the cannabis market, where that market is headed and what financial institutions need to understand to grow safely and effectively with this industry.

Q&A – Takeaways

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


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


Paul Dunford

Co-Founder and VP of Knowledge, Green Check

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

Stacy Litke, VP of Banking Programs leads the client facing cannabis banking teams at Green Check.  Stacy has decades of experience in banking and has seen the financial services industry from the seats of Community Banker, FinTech Leader and Technology Consultant. In her role at Green Check, she and her team have developed best practices for banking the cannabis industry through working with more than one hundred financial institutions as they work to evaluate and implement cannabis banking programs, and conversations with regulators and examiners.