Intoxicating hemp cannabinoids are a growing part of the cannabis industry – and a growing concern for financial institutions banking the industry, CRB Monitor founder and CEO Steven Kemmerling explained at ACAMS Greater Salt Lake City’s chapter event “Navigating Financial Services for the Cannabis Industry.”
At the virtual event Tuesday, March 26, Steven outlined how far federal and state cannabis regulation has come since the Financial Crimes Enforcement Network (FinCEN) provided banking guidance 10 years ago. When hemp was legalized in the 2018 Farm Act, FinCEN updated its guidance in 2020, relaxing some banking due-diligence requirements for hemp-related businesses.
What has transpired is a growing industry of intoxicating hemp-derived cannabinoid (HDC) products. Among the highlights of Steven’s presentation:
- A breakdown of 20 known cannabinoids, from strongest to weakest
- How federal and state “legality,” regulation, licensing, oversight and enforcement varies widely across federally illegal marijuana (aka cannabis), hemp and HDC products
- An overview of the three tiers of cannabis-related companies
- Cannabis banking myths
- How this industry my shift in 2024 via legislation and regulation
Steven, who founded CRB Monitor in 2014, frequently speaks at ACAMS and other cannabis and banking industry events.