CannaCFO Magazine Issue 1 | Page 41

Having a strong relationship with your chosen vendor partners will make it less awkward when you go back to them with any clarifying questions or requests for updated licenses.

Finally, BE HONEST. Banks are still getting their heads around how the cannabis industry operates. They’re still figuring out how to ensure they’re meeting their financial regulators requirements while also serving their clients to the best of their ability. They will ask questions that feel invasive and unnecessary, but know that in your honest answers you are helping them to create a better understanding within their internal risk teams on how cannabis operates and the viability of the programs they’re running. Run your own internal operations with the highest level of integrity, stay on top of renewing all required licenses for the state you operate in, and ensure your testing reports are clear and concise. You will likely be asked to recertify for compliance and ongoing banking services every 6-12 months so use that time to update your banker on any new endeavors you might be undertaking or where you plan to be in the 12 months. Remember that the more you tell your banker the better able they are to fight for your company when internal reviews for AML/BSA investigations are triggered. We are well on our way to establishing a more consistent bank offering for the cannabisspace and the more we do to show financial institutions exactly what we do and how we operate the faster that timeline will move.

Known by many in America’s hemp industry as “the bank whisperer,” Cannabis Financial Consultant Rochonne N. Sanchez is a pioneer in the field of providing banking solutions to the U.S. hemp industry. In her 15 years at federally chartered FDIC-insured financial institutions, Ms. Sanchez specialized in client-facing compliance and regulatory requirements—including more than 3 years focused exclusively on hemp banking. Ms. Sanchez now works directly with cannabis businesses, providing operational guidance to ensure continued compliance with anti-money laundering and Bank Secrecy Act requirements. Ms. Sanchez is a state-appointed stakeholder in the CHAMP (Colorado Hemp Advancement and Management Plan) initiative and the COO of hemp-CPG brand Eossi Beauty. Find her at @rochonnesanchez on Clubhouse.