Banking & Financial
Accessing financial services is a challenge for the cannabis industry. Vicente Sederberg LLP helps marijuana companies and ancillary businesses obtain the banking services they need to be successful.
The VS Banking and Financial Services Department provides the following services, among others:
- Analysis of the financial services solutions available to cannabis businesses, such as cannabis-specific money transmitters, for both cannabis businesses and entities seeking to establish such solutions
- Drafting introductory documents that cannabis businesses can use when approaching financial institutions for depository business accounts
- Assisting cannabis businesses in initiating and continuing communications with financial institutions to secure depository business accounts
- Drafting internal policies and procedures to assist cannabis businesses, enhancing their ability to obtain and retain business accounts with depository financial institutions
- Advising cannabis businesses and financial institutions on regulatory and compliance matters, informing financials institutions about past hurdles erected by regulators, and educating them about compliance programs that can ease the process of performing KYC due diligence on potential clients
- Enhancing BSA/AML and internal policies and procedures with cannabis-specific guidelines, laws and regulations for financial institutions interested in servicing various aspects of the cannabis industry
- Helping financial institutions and cannabis businesses establish and maintain regulatory relationships
Specialized Knowledge & Experience
The VS Banking and Financial Services Department is led by Christian Sederberg and Sahar Ayinehsazian, who regularly advise businesses and local and state governments on cannabis banking matters. Both frequently appear in the media and have had columns published on cannabis banking and financial issues. Sahar is a member of the National Cannabis Industry Association’s Banking Access Committee, and she serves as Chief Advisor on Banking Policy to the California Growers Association, where she works on strategy and legislation to enable state-licensed businesses to obtain accounts at depository institutions.