Sundie Seefried, CEO and president of Safe Harbor Financial, was a panelist on “Small Banks And Credit Unions: The Creators Of The American (Cannabis) Dream” at Benzinga’s Cannabis Capital Conference. Seefried shared that one of the biggest challenges of financing the cannabis industry is the regulatory scrutiny that follows.
She went on to say that in the “first seven years Safe Harbor was banking cannabis, we went through 16 state and federal examinations. They [were] sending 20 BSA officers from across the country into one small credit union to scrutinize everything we do. Normally you would have one exam maybe every 12 to 18 months. That's the type of scrutiny the financial institutions get under when they [invest in] a high-risk market like cannabis.”
Interested in learning more about the Benzinga Cannabis Capital Conference? Get more information here.
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