FOR IMMEDIATE RELEASE
February 9, 2023
Erin Moffet, Erin@TheLiaisonGroup.com, (276) 698-4856
Financial Institutions and Risk Management Providers Launch Cannabis Financial Industry Group, Host Congressional Cannabis Compliance Briefing
Washington, D.C. – Today, the Cannabis Financial Industry Group (CFIG) formally announced its launch ahead of hosting a congressional briefing on Monday, February 13th to help bridge the knowledge gap as to the current compliance requirements and mechanisms in place for businesses servicing or directly operating within the state-sanctioned cannabis industry. CFIG coalesces financial institutions and other essential services providers that serve the U.S. cannabis industry. CFIG members Adam Crabtree, CEO & Founder of NCS Analytics, and Steven Kemmerling, Founder & CEO of CRB Monitor, will provide a “Cannabis Compliance Crash Course” as discussions regarding SAFE Banking have already begun in the 118th Congress.
NCS Analytics is an advanced analytics firm focused on providing comprehensive, data-driven solutions to governments and financial institutions working with traditionally high-risk industries. CRB Monitor is the only cannabis corporate intelligence platform focused on helping financial institutions manage legal, regulatory, compliance, and credit risk.
Saphira Galoob, Executive Director of the Cannabis Financial Industry Group, released the following statement:
“2022 marked the year of most significant cannabis reform momentum – from the President’s directive to review the Schedule I status of marijuana to the first standalone cannabis measure signed into law to bipartisan negotiations in the Senate regarding a SAFE Banking Plus package that was on the precipice of passing. Against this backdrop, we brought together the leading industry voices representing financial institutions and risk-mitigating service providers serving the cannabis industry to provide much-needed expertise and thought leadership from those on the ground as cannabis reforms continue to move forward on the state and federal levels.
“After months of work behind the scenes, we are thrilled to formally announce the Cannabis Financial Industry Group and host what will be an impactful and insightful congressional briefing to kick off our work in the 118th Congress.”
Alan Hyatt, Chairman of the Cannabis Financial Industry Group and Shore United Bank, released the following statement:
“As someone in the financial sector that has been servicing the state-sanctioned cannabis industry for more than six years, I cannot emphasize enough how important it is to have a united voice to both educate lawmakers on existing compliance operations as well as to advocate for much-needed federal cannabis banking legislation. I am honored to chair the Cannabis Financial Industry Group and excited that we are hitting the ground running in 2023 with such a timely and targeted educational briefing to shine a light on industry requirements, standards, and ways we can work together to make cannabis banking more accessible and transparent.”
Current CFIG members include: Shore United Bank, NCS Analytics, Creative Services, Inc., Regent Bank, CRB Monitor, First Citizens Bank, and Republic Bank of Arizona. For more information on CFIG or the congressional briefing, please contact CFIG’s Director of Policy & Communications at Erin@TheLiaisonGroup.com.