The legal cannabis sector is expected to reach $57 billion globally by 2026, but financial institutions are still reluctant to support cannabis-related companies (CRBs). A cannabis banking attorney, can help with risk management, due diligence regulations, and establishing agreements with financial institutions that are willing to support the cannabis industry. As a result, many CRBs are unable to access critical financial services, forcing them to resort to cash transactions, which introduces security risks and operational inefficiencies.
Bridging the Gap Between Cannabis and Banking
Without the assistance of a legal expert, CRBs may face unexpected account closures, denied loan applications, or financial penalties. A cannabis banking attorney, is critical for bridging the gap between financial institutions and legal cannabis firms. These legal experts negotiate the complex regulatory environment, ensuring adherence to the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) rules, and the most recent guidelines from the Financial Crimes Enforcement Network (FinCEN). With over 700 banks and credit unions now providing services to CRBs, skilled legal advice is critical to establishing long-term banking connections and avoiding costly legal issues.
Legal Clarity for Cannabis Banking Success
With deep expertise in banking laws, risk management, and regulatory compliance, Cogent Law Group, helps clients secure financial stability while mitigating legal challenges in the evolving cannabis industry. Their cannabis banking attorneys assist CRBs and financial institutions in developing compliant, secure, and long-term financial solutions, ensuring that businesses remain operational while minimizing legal risk.
