In this video segment we introduce you to Angela Lucas, the course author and Senior Vice President of Compliance Strategies at Integrated Compliance Solutions (ICS). The objectives covered in this course are to Understand how Federally regulated institutions are able to bank cannabis operators, learn how to position your account application package to insure you land a stable and sustainable banking solution, and gain insight into the criticality of compliance between banks and cannabis operators to ensure an ongoing, collaborative relationship.

In this video segment, you will identify why asking the right questions about your banking is so critical and discover how to position your business to the get the right kind of banking relationship.

In this video section, we will explore what operators must understand what the financial institution has to comply with. The Financial Crimes Enforcement Network (FinCEN) has issued guidelines for financial institutions that want to bank cannabis, however they do tell how to do them. Financial institutions are left with not knowing if the potential customer is licensed and registered. Additionally, most financial institutions do not understand how the cannabis business works.

In this video segment, you will identify that financial institutions don't know a whole lot about cannabis operators and will need to ask many questions. You will discover why having an electronic and hard copy of a portfolio will help the banks with their vetting process, which is important since a cannabis operator can expect to pay $500 to $3,000 dollars for each application.

In this video segment, you will discover what the financial institution is going to ask you for during the application process. The financial institution will as you for your articles of incorporation, your operating agreement, a copy of you state license, your USDA approved license if for hemp entities, and CBD entities that require state specific licensing.

In this video segment, you will discover that it is better to be proactive in managing your compliance and communication with the bank. You will be providing monthly reports to the bank that outline the sales, inventory, and vendor payment transactions. This is so that the information is reconciled to your transaction activity at the bank to ensure one dollar of deposits has equaled one dollar of sales.

In this video segment, we will identify what the bank's ongoing responsibilities are. They are required to look at your account every 90 days. You should be prepared to provide information about any changes to your beneficial ownership, changes to management, adding new products and services, and if you have applied for different licenses of locations.

In this video segment, you will close by using the information in this course as a study guide. The course has provided you with everything you need to document your portfolio and have everything ready to go. By giving the bank all of this information you will establish a level of comfort with them by letting them know what your responsibilities are and that you are willing to comply with their needs. This will give you the stability as an operator and make sure your banking does not disappear overnight.