CHICAGO–A new Credit Union Cannabiz Conference has been announced with a goal of helping to “demystify how credit unions can bank money from marijuana-related businesses.”
Sponsors for the event, set for on April 5-8 at the Palmer House Hilton in Chicago, include the Marijuana Policy Institute and the ePolicy Institute.
According to the organizers, the meeting will be “America’s first comprehensive discussion concerning cannabis banking services and the role of credit unions in serving this emerging industry, its employees and the community.”
Among those scheduled to address the conference is Gary Johnson, who served as governor of New Mexico from 1995–2003 and who was the Libertarian Party’s presidential candidate in 2012 and 2016. Johnson was the first governor to advocate for the legalization of marijuana while in office. In 2014 Johnson became CEO and president of Cannabis Sativa, Inc., which sold cannabis products.
“Negotiating 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,” organizers said in announcing the meeting. “Providing safe, compliant and secure processes together with core system support for business banking are required deliverables in this new service.”
Points of Learning
Conference organizers said attendees will learn:
- What cannabis business owners want
- If ready to open business accounts, whether the core system supports the plan
- What regulators look for in a model compliance program
- Best practices
- How to make the board aware of the risks and the reason for entering the business
- How to communicate with employees, members, regulators and the community
- How to manage reputational risk
“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.”
Other Speakers
Other speakers include:
- Zane Vorenberg, a cannabis journalist for cannabisdailyrecord.com, who will explain the basics of cannabis, how today’s marijuana is different, how to buy it, sell it, and what industry terms mean.
- Don Arkell, whose unique leadership style and passion for sales and leadership have made him a sought-after speaker, trainer and strategist.
- Lucy Ito, the president of NASCUS, who will bring a national regulatory perspective to the issues.
Registration Info
As CUToday.info has reported, to date 33 states have legalized cannabis either medically or recreationally, but it remains a Schedule 1 drug federally.
The registration fee is $959 through Feb. 14, $989 between Feb. 15 and March 27, and $1,089 thereafter.
For info: CUCannabiz.org