Cannabis banking has been a tricky topic to tackle in recent years. Although many financial institutions refuse to do business with the high-risk industry, the truth, according to Ryan Hale, co-founder and Chief Sales Officer of Operational Security Solutions (OSS), is that “cannabis banking has been allowed since February 2014.” That was when the Financial Crimes Enforcement Network, or FINCEN, published their guidance on how credit unions and state-chartered banks could work with the emerging industry.
Hale speaks with confidence because, in 2020 alone, OSS helped their cannabis clients secure cash pickups, process, and deposit their proceeds. In all, Hale’s team at OSS assisted in moving over 1.6 billion dollars into nearly a dozen financial institutions in the state of California, legally. Now the company is expanding its reach to the East coast market in hopes to bring proven banking and security solutions to the newly emerging segment.
“Banking is legal, as long as you follow the rules,” Hale explained. “None of our protected clients or family of customers experienced any disruptions of their account services, and every cent was accounted for.”