Peter Su, a seasoned expert in cannabis banking, discusses what goes on in banking within the legal cannabis industry. Peter also talks about federal and state legal contradictions, the challenges of securing banking services for cannabis businesses, and how banking regulations have evolved over time. Peter gives a look into the operational risks and responsibilities banks face under the Bank Secrecy Act, the misconceptions about cannabis banking, and the gradual acceptance by some financial institutions to service this high-risk industry. Tune in as Brian and Peter discuss both the progress and ongoing challenges in cannabis banking as of May 2024.Chapters:00:00:00 - Unpacking the Risks in Cannabis Banking00:00:49 - How to Flourish in Cannabis: Today's Masterclass00:01:18 - Introducing Peter Su: Veteran of Cannabis Finance00:01:58 - Tracing the Roots: How Cannabis Banking Began00:03:51 - Where Cannabis Banking Stands in 202400:07:00 - Debunking Myths: Today's Cannabis Banking Reality00:10:49 - Exploring Different Types of Cannabis Financial Services00:14:42 - Strategic Insights: Adapting to the Cannabis Banking Landscape00:18:52 - What Does Schedule III Mean for Cannabis Banking?00:19:38 - The Tug of War: Federal Laws vs. State Initiatives00:22:36 - Essential Banking Services for Cannabis Operators00:25:17 - Navigating Regulatory Hurdles in Cannabis Finance00:28:20 - Banking Benefits for Cannabis Industry Employees00:32:21 - The Realities of Lending in the Cannabis Sector00:37:09 - Wrapping Up: What's Next for Cannabis Banking?Links and Resources:Peter on LinkedInRolling Stone articles by Peter SuFlourish SoftwareBrian Weber on LinkedInThanks so much for joining us this week. Want to subscribe to How to Flourish in Cannabis? Have some feedback you’d like to share? Connect with us on Spotify, Apple Podcasts, and YouTube to leave us a review!

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