Will Federal Cannabis Rescheduling Really Help? ‘We’ll Still Be High-Risk,’ Says Security Bank CEO
As the cannabis industry anticipates federal rescheduling, the question of what this will mean for cannabis banking remains at the forefront. Paul Antonacci, president and CEO of Security Bank, provided insight on the subject during an interview at the Benzinga Cannabis Capital Conference.
Antonacci clarified that despite the potential changes to federal cannabis regulations, the banking industry’s approach to cannabis businesses will remain largely unchanged. “Descheduling doesn’t impact how we’re treated with banking, cannabis, and cannabis,” he explained. “We’ll remain a high-risk industry, regardless of legality or not.”
This statement highlights the ongoing challenges cannabis businesses face when accessing financial services, as banks must adhere to stringent oversight requirements.
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Competition in Cannabis Banking
One of the challenges Antonacci highlighted is the limited number of banks currently servicing the cannabis industry. As federal rescheduling looms, Antonacci sees an influx of new financial institutions entering the space. However, he cautioned against hasty decisions from banks looking …