According to Kendell Lang, CEO of Fusion Bank, even with the rise in access to financial services for this sector, major service gaps remain.
Financial institutions (FIs) that service the industry, she recently told PYMNTS, “don’t have the compliance people, processes or automated tools in place to meet the required guidelines — and are unknowingly putting their clients at risk.”
Fusion Bank targets the legal cannabis market with its cash and treasury management solutions. Licensed under the Sovereign Friendly Society, a Bahamas-based Friendly Society providing banking, insurance and other membership services to medical marijuana players, the members-only FI is particularly focused on compliance, an ever-evolving and complicated topic for this sector in the U.S. today. According to Lang, traditional FIs cannot meet this regulatory compliance and reporting need.
Full Article / Source: www.pymnts.com