The CCA data platform can provide necessary information to financial institutions that wish to work with the cannabis industry. Despite the discrepancy between state and federal law, it is possible for financial institutions to serve cannabis businesses, but without adequate monitoring tools and support, it is not easy. To accept cannabis customers, financial institutions must comply with rigorous monitoring and reporting requirements and accept a significant amount of risk.
With interested financial institutions and willing licensees, CCA can provide financial institutions detailed information on their customer's commercial activities, formatted to fit the institution’s regulatory reporting requirements. With the recent enactment of B & P Code Section 26260, Financial institutions have been freed of potential California law conflicts. CCA has the capabilities to share commercial cannabis data with financial institutions when authorized in writing by their licensee/customer. Transparency and ongoing monitoring of cannabis related business accounts can help to ensure financial institutions stay compliant.
If you are a financial institution in need of data analytics to support cannabis clients, CCA may be able to assist you. Please contact us for more information.