Cannabis Practice Group. Akerman LLP With Jonathan Robbins

Our next guest counsels clients on the evolving, complex legal and business issues impacting companies with interests in the regulated substances industries. His experience encompasses investigations and administrative and enforcement proceedings brought by federal, state, and self-regulatory bodies, including the U.S. Securities and Exchange Commission (SEC), Florida Attorney General’s Office, Florida Department of Financial Services, and Florida Office of Insurance Regulation.

According to a recent survey from the Independent Community Bankers of America, 65% of respondents stated that they would support cannabis reform which would permit banks to work with state-level companies. In addition, another 71% of respondents said that improved access to financial systems within the cannabis sector would reduce the dangers of the current cash-based market. Even more, participants stated that delays in banking services pose a safety threat to cannabis companies. 

We also talk about the current state of Cannabis banking today. Cannabis banking is currently handled only by a small portion of the country’s FDIC-insured banks who are willing to service cannabis companies operating legally under state law. According to the Financial Crimes Enforcement Network, only 755 banks service the cannabis industry, and that’s out of 4200 FDIC-insured banks.

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