Marijuana Money

As marijuana and related products like hemp and CBD become more legitimized, both in the public eye and by some state laws, financial institutions nationwide are taking note of this emerging market, according to Bryant Movarek, director of AML and sanctions compliance for Kaufman Rossin. Lenders, he said, can charge high fees for marijuana-related banking services – and as larger institutions may be more risk-averse, small banks and credit unions hold most of these accounts. Some, he said, charge up to $1,500 each month for an account related to this business. While the biggest base for this banking is out west in states like California, Colorado and Oklahoma, he said, Florida may be an emerging market. Banks that choose to take this route, he said, must take steps to do so safely and with thorough audit regimes to ensure their clients are in compliance with the law.