The American Bankers Association (ABA) is reaching out to its members to learn more about their operational struggles working with the cannabis-related industries across the U.S.
Over 30 states in the U.S. have legalized medical or adult-use cannabis in their borders, and the last several election cycles have seen a few more make that decision each time. But the federal-level prohibition on cannabis makes doing business difficult for some, particularly for banks that, to stay in business, must follow strict guidelines that are increasingly unclear. This is a problem when more and more banks are welcoming cannabis-related accounts.
The ABA is over 100 years old and does not have an official position on cannabis legalization. Their stated intent is to gather data that will better showcase to regulators and legislators that clarity is needed on this issue. The survey being put to its many members asks a variety of questions about each bank’s experiences with the cannabis industry. A few of the questions cover topics like:
- Asking for examples of a situation where the bank had to close an existing account, terminate a banking relationship or turn away a potential customer due to their association with marijuana. It’s not just for directly cannabis-related accounts, either. This also includes ancillary businesses that service the industry, like law firms, security companies, and property managers.
- Have customers tried to disguise their association with a cannabis-related business?
- Have federal authorities been consistent in their feedback on how cannabis-related accounts are managed?