USA’s first-ever Credit Union Cannabiz Conference (CUCC) will take place in Chicago, Illinois.
In 34 states medical and recreational cannabis sales are legal.
The goal is helping to “demystify how credit unions can bank money from marijuana-related businesses.”
The CUCC will cover cannabis banking services and the role of credit unions in serving this emerging industry, its employees and the community.
Navigating the rigorous compliance requirements is a big first step, but dealing with the needs of cannabis business accounts, creating an aligned strategy and managing communication and reputational risk is critical to success.
Providing safe, compliant and secure processes together with core system support for business banking are required deliverables in this new service.
“There is tremendous opportunity and tremendous risk, involved in banking cannabis funds. We realize that this is a new frontier that requires in-depth knowledge of cannabis-related businesses, of compliance and federal regulations,” said Amy Vigil, Executive Director of the CUCC. “We aim to demystify how credit unions can serve this growing business.”
So far 34 states have legalized cannabis either medically or recreationally.
However, marijuana remains a Schedule 1 drug federally, making it difficult for credit unions and payment processors to accept the funds. Cannabis dispensaries are forced to handle thousands of dollars in cash, often paying their vendors and suppliers in cash.
By helping these legal businesses learn to bank Cannabis Recreation Business funds, we hope to create a safer working environment for those in the CRB world.
What: Credit Union Cannabiz Conference (CUCC)
When: April 5-8, 2020
Where: Palmer House Hilton Hotel (Chicago, Illinois)
Cost: $1,000 per person
Credit Union Cannabiz Conference