Pennsylvania Leaders Tackle Banking Issue for Cannabis Industry

 

HLG logo

Media Advisory

For Immediate Release:

January 5, 2017

 

Pennsylvania Leaders Tackle Banking Issue for Cannabis Industry

Formation of Committee from Politics, Banking, Industry, Lobbying and Law

 

Philadelphia, PA - During the past election cycle, Americans clearly voiced their support for medical cannabis with a bi-partisan yes in 8 out of 9 states with the issue on their ballots. And, lawmakers and regulators are prepared to pass sensible legislation for the cannabis industry: in the US, 28 states have decided to implement compassionate medical cannabis laws and 8 have passed adult use (ages 21& over), bringing the key issue of banking and cash management to the forefront.

In 2015, the cannabis industry drew in $5.4 billion dollars.  Despite these numbers and The Cole Memo -which encouraged bankers to assist in what was deemed a vast public safety issue -Marijuana Business Daily reports that over 70 percent of all cannabis businesses in the country still do not have banking services.  Fear of the federal government due to the classification of cannabis as a Schedule 1 ‘drug’ has influenced banks and other financial institutions' refusals to provide services to the cannabis industry. 

This week, leaders in Pennsylvania have announced the formation of a committee with widely ranging experience to address banking for the cannabis industry.  This group of leading professionals is crafting a practical plan to address this state vs. federal conflict:


Members include:

Politicians:

            *Honorable Daylin Leach, Pennsylvania State Senator 17th District  

            *Honorable Derek Green, City of Philadelphia Councilman At Large  

            *Honorable Mary Jo Daley, Pennsylvania State Representative

Banking:

            *Sundie Seefried, Chief Executive Officer, Partners Colorado Credit Union

(currently handling half of Colorado's $1 billion cannabis banking)

*Daniel Sulpizio, Executive Vice President and Director of Retail Banking, Parke Bank (full service commercial bank with $2 billion in assets)

*Charlie Frederickson, Chief Financial Officer, Westmoreland Community Federal Credit Union 

*Nancy Lake, Director of Atlantic Community Bankers Bank (providing correspondent services to over 300 shareholder banks)        

*Mark Goldfogel, Executive Vice President, Fourth Corner Credit Union (state-chartered credit union designed to provide compliant banking services to cannabis and hemp industries)       

*Tom Fleming, former Assistant Director, Office of Compliance at the Treasury Department’s Financial Crimes Enforcement Network and financial services industry and Bank Secrecy Act/Anti-Money Laundering compliance expert

Cannabis Industry:

*Lindy Snider, Founder and Chief Executive Officer, Lindiskin (providing effective skin care for cancer patients) and Investor and Advisory Board Member, Kind Financial Services (providing seed-to-sale software and financial technology)

*Jeremy Unruh, General Counsel for PharmaCannis, LLC (Illinois and New York licensed cultivator and registered dispensary of medical cannabis)

Lobbying:

            *Michael Bronstein, Partner/Founder, Bronstein & Weaver (a leading

            Democratic political media and strategic messaging firm)

Legal:

*Steven Schain, Esquire, nationally recognized consumer finance litigation, banking law and cannabis law expert practicing with national cannabis law firm Hoban Law Group, Denver, Colorado HQ

Spokesperson & Chair:  Steven M. Schain, Esquire  steve@hoban.law; 215.235.2280

 

Media Contact:

Gaynell Rogers

gaynellrogers@gmail.com

415.298.1114