EDUCATION ON CANNABIS BANKING & FINANCIAL SERVICES THROUGH
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Along with her experience in payments, part of her organization’s mission is to actually normalize and electronify cannabis payments, as well as facilitate collaboration between cannabis and banking. Kirsten talks about the history between cannabis and banking, as well as take a little look at the Eaze case. Jesse and Kirsten also dig into the options that exist currently for cannabis businesses, and talk about the multiple risks involved with handling that much cash.
When you’re in a cash business, observed Kirsten Trusko, GSD, and CEO/Co-Founder Emerging of Markets Coalition (EMC), “people commit fraud by trading on your insecurity.” Trusko said a lot of employee weak spots can be addressed with training, with employers telling employees, “I don’t care who calls you, unless I walk in this door and tell you to open that safe and hand it out. You’re not giving it to anybody.” And, she continued, “it can serve as a springboard for additional education – making a positive out of it with more consideration toward best practices.”
Trichomes talked to Kirsten Trusko, CEO of Emerging Markets Coalition, and Zane Gilmer, partner at Stinson LLC. According to them, even if it (SAFE Banking) passes, which at this point is honestly a toss-up, the SAFE Act is very likely going to fall short of achieving those goals. Kirsten and Zane discuss with Trichomes why that may be the case.
The Cannabis industry has been hindered by lack of access to robust financial services that are available to other industries, including investment and payments. With COVID-19, as essential businesses, lack of electronic contactless payments is especially dangerous – for employees and customers. Until the US has normalized financial services for cannabis, these challenges and many others will continue. Aite is a top research firm in global banking – their new report captures opportunities and challenges, from the view of the Financial Services firms.
Traditional banking doesn’t work while fintech and cannabis are merging. This panel will address Payments: Real vs. Fiction; Growth in Payments and Your Profitability; Payments as Fuel for Legalization and 280E Reform.
In Covid19 shutdowns, Cannabis businesses were deemed essential businesses – but were limited to curbside and delivery only – forcing even greater reliance on cash. A slew of calls came in from cannabis businesses – asking for the “best” contactless payment options, and how to tell if they were real and long-term – or would like so many, be gone in 3-6 months. Our panel of experts draws BOTH from FinTech/banking/payments, and cannabis retail. None offer payments, but have recently done deep dives on 12+ payment providers. Learn the Top 10 tips to choose a REAL long-term sustainable payments platform