California will need to provide banks and credit unions with significant details about licensed marijuana businesses if the state wants to encourage financial institutions to serve the industry when recreational sales start next year, two bank executives told a state treasurer-appointed panel Friday.
Sundie Seefried is CEO of Denver-based Partner Colorado Credit Union, whose Safe Harbor Private Banking division serves 130 marijuana-related businesses with deposits of $85 million. Julie Robinson is senior vice president and compliance risk manager for River City Bank of Sacramento, which does not serve the industry and has not made any announcements about doing so after Jan. 1.
Although they represent different perspectives, both bankers suggested to the treasurer's Cannabis Working Group six things the state can do to entice banks to accept marijuana businesses and ease concerns about federal regulators:
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Cheryl Miller
Cheryl Miller, based in Sacramento, covers the state legislature and emerging industries, including autonomous vehicles and marijuana. She authors the weekly cannabis newsletter Higher Law. Contact her at [email protected]. On Twitter: @CapitalAccounts
