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How a Banker Sees a Cannabis Account

In the aftermath of last month’s federal court setback for Colorado’s Fourth Corner Credit Union, banking officials and cannabis business owners in other states are searching for creative ways to open legal bank accounts. Leafly recently highlighted the success that small Washington state banks and credit unions have experienced by working within Justice Department, FDIC and NCUA policies.

That model isn’t traveling well, though. Or maybe other state banking officials simply aren’t aware of Washington’s system. CaliforniaNevada andVermont are among many states trying to solve the problem on their own, without much success. 

For a banker’s point of view, Leafly asked Steve Kemmerling to give us his perspective on the marijuana business. Kemmerling, a former mergers and acquisitions investment banker, is the founder ofMRB Monitor, a consulting firm that advises banks, credit unions and other financial institutions about handling marijuana related businesses (or in banking parlance, MRBs). 

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