Sundie Seefried: Bank Secrecy, Hemp vs. Cannabis Banking, and Credit Card Barriers – What You Need to Know for the Future

The Dime

What is Bank Secrecy, and why are cash-heavy businesses like cannabis dispensaries, casinos, and laundromats treated the same?

Did regulators understand that they forced cannabis businesses were once forced into "criminal" banking practices?

Banking is available to the cannabis industry, but what are the differences?

We discuss the complexities of navigating federal and state regulations, the impact of the SAFE(R) Banking Act, and the differences between state-chartered and federally-chartered banks in handling cannabis-related transactions. Sundie also discusses the challenges of credit card processing for cannabis businesses and the emerging issues around hemp derivatives. Get a firsthand look at the strategies behind vetting and managing risky clients and what the future holds as the cannabis industry matures and evolves. If you're interested in the intersection of finance, regulation, and cannabis, this episode is packed with valuable insights and industry expertise. Perfect for cannabis entrepreneurs, banking professionals, and anyone interested in understanding the rapidly changing landscape of cannabis finance.

We sit down with Sundie Seefried to discuss the following:

• Explaining Bank Secrecy
• Differences in Banking Hemp vs. Cannabis
• Visa/MasterCard: What is needed?
• And so much more

Topics and Timestamps

• Sundie’s background and how she got into the cannabis banking space (00:00:46 - 00:01:49)
• The challenges of banking cannabis businesses and the "criminal" practices they were forced into prior to Safe Harbor (00:01:49 - 00:03:55)
• Navigating regulations and relationships with state/federal regulators to establish a compliant cannabis banking program (00:03:55 - 00:07:07)
• Differences between state-chartered and federally-chartered banking institutions when it comes to cannabis (00:07:07 - 00:08:01)
• The impact of the SAFE Banking Act and the limitations it may have (00:08:32 - 00:10:05)
• Challenges with credit card processing and merchant services for cannabis businesses (00:10:16 - 00:11:33)

Guest Links

• https://shfinancial.org/
• https://www.linkedin.com/in/sundie-seefried-748194130/
• https://www.linkedin.com/company/safeharbor-financial/

About Sundie Seefried:

Safe Harbor Financial is the brainchild of Sundie Seefried. A 35-year veteran of the credit union industry, in 2014, she saw that CRBs needed financial services and that Colorado communities would be safer if the new industry had access to banking solutions.

A 39-year credit union industry veteran, Seefried was the former CEO of Partner Colorado Credit Union (PCCU). Established in 2015 by PCCU, Safe Harbor was formed to provide an unmet need – compliant banking and financial services to the rapidly growing U.S. cannabis industry. Seefried designed a full scope Cannabis Banking Program for PCCU known as the Safe Harbor program, which has withstood the scrutiny of 16 federal and state exams to date. Now in its 8th year, Safe Harbor has grown to nearly 600 accounts spanning 20 states, and processed over $12 billion in cannabis-related transactions.

Seefried regularly provides cannabis banking education and expertise to legislators, regulators, attorneys generals, state officials, and financial institutions. She is on a mission to normalize banking for the cannabis industry, while assisting law enforcement and federal agencies to be more effective at combating illicit activities and protecting the financial system.

To share her knowledge, Seefried authored the book ‘Navigating Safe Harbor – Cannabis Banking in Uncertain Times’ in 2016, as well as contributed a chapter on cannabis banking in the university textbook ‘The Politics of Marijuana: A New Paradigm’ by Timothy McGettigan.

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