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Survey Highlights Banking Needs for Cannabis Operators in an Evolving MarketAccess to credit financing and lending are top priorities for licensed operators, according to a new study from Shield Compliance. SEATTLE, Nov. 6, 2023 /PRNewswire/ -- Today, Shield Compliance (www.shieldbanking.com), a leading compliance management platform for cannabis banking, released the findings of a survey of licensed cannabis operators regarding their satisfaction with the banking partners, products, and services available to them. While most operators are optimistic about access to financial services in the years ahead, many expressed the need for additional financing options to support their businesses amid changing market conditions. "With more banks and credit unions entering this line of business as state and federal policies change, the best defense for bankers serving the industry today is to understand what customers are looking for and to offer these products and services so they don't lose the relationships they've earned," said Tony Repanich, President and CEO of Shield Compliance. "This survey signals loud and clear that financial institutions cannot be complacent. They must continue to innovate to meet the changing needs of their customers and the industry." Key Findings:
With eventual changes to 280E taxation and federal cannabis policies, banks and credit unions must future-proof their businesses. As operators' cash flow burdens ease and they become more credit-worthy, financial institutions must be prepared to offer additional products and services, more strategic pricing mechanisms, and lending to qualified borrowers to retain their deposit accounts and the fee income associated with them. "Financial institutions that can respond quickly to changing market conditions will be best positioned for success in the years ahead," said Repanich. "Using compliance tools to streamline customer compliance requirements while leveraging valuable BSA/AML data will help financial institutions reduce risk and gain a critical advantage when the market becomes more competitive and operators have more choice when selecting a financial services partner." Quantitative survey data was derived from financial decision-makers at 100 verified licensed operators in the U.S. in August/September 2023. In-depth interviews were also conducted with 15 individual owners or managers of cannabis operations, including cultivators and retailers, to validate the data and gain additional insights. About Shield Compliance Media Contact View original content to download multimedia:https://www.prnewswire.com/news-releases/survey-highlights-banking-needs-for-cannabis-operators-in-an-evolving-market-301978543.html SOURCE Shield Compliance |