Cannabis Banking in Ohio: Market Overview and Fundamentals
Wednesday, October 5, 2022 2 PM EST | 90 Minutes
In 2016, Ohio legalized medical marijuana with the passage of Ohio House Bill 523, and the program, jointly overseen by the Boards of Pharmacy and Medicine as well as the Department of Commerce, has grown steadily since then. Sales began in April 2019 and as of June 2022 over $882 million of marijuana products have been sold through the state’s 58 operating dispensaries, with 70 more provisional licensees ready to open their doors once they receive their Certificates of Operation. Multiple efforts are underway to legalize marijuana for all Ohioans with groups actively collecting signatures to put the question on the November ballot. Should they be successful, The Ohio State University researchers estimate that adult-use sales could reach $374 million by the program’s fifth year.
Ohio included state-level banking protections in its medical marijuana regulations. Ohio joins other states like New York and Michigan which have signaled access to banking is important and should be encouraged. Still, many are discouraged by the perceived regulatory and compliance burden of doing so and have questions about how to create a scalable, profitable program.
Accordingly, on October 5th at 2 pm EST, Ohio Bankers League Affiliate Member, Green Check Verified will present “Cannabis Banking in Ohio: Market Overview and Fundamentals,” a complimentary, 90-minute virtual presentation that arms Ohio banking professionals with the knowledge they need to engage with the legal cannabis industry in Ohio.
Taught by Green Check Verified subject matter experts — with experience building and scaling cannabis lines of business with over 100 U.S. financial institutions —this two-part 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 Vermont
- 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.
Session 2: Special Considerations in Ohio
The Ohio legal cannabis industry comes with its own particular challenges and opportunities. In this session, we will explore the current state of the Ohio cannabis market; where that market is headed; and what financial institutions in Ohio need to understand to grow with this industry safely and effectively.
- Copies of all presentation materials
- A cannabis banking policy template
- A copy of a sample financial model
- A copy of the sample risk assessment questions
- 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
Co-Founder and VP of Knowledge
Green Check Verified
VP, Banking Programs
Green Check Verified