Cannabis Banking in Ohio: Market Overview and Fundamentals

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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 and the Department of Commerce, has grown steadily since then. Sales began in April 2019, and as of October 2023, over $1.5 billion marijuana products have been sold to medical patients in the Buckeye State. With adult-use legalization on the ballot this November, Ohio may soon see a rapid and significant expansion of its program in 2024.

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 30th, at 10 am EST, Ohio Bankers League Affiliate Member Green Check Verified will present “Cannabis Banking in Ohio: Market Overview and Fundamentals,” a complimentary, 60-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 educational event covers the following topics:

• Essential terminology: cannabis/marijuana/hemp, THC/CBD
• Defining cannabis businesses and identifying their needs
• Federal and state cannabis law, guidance, and regulations
• The state of Ohio’s medical cannabis market and the potential impact of adult-use legalization
• FinCEN’s 2014 marijuana banking guidance: what you need to know
• Locating and onboarding cannabis businesses
• Ongoing monitoring and working with your examiner

 ‍Takeaways

• 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

Audience

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