SANTA ANA PUEBLO, N.M.–Sundie Seefried, CEO of Partner Colorado Credit Union and its cannabis banking division, Safe Harbor Private Banking, spoke to the annual meeting of the Conference of Western Attorneys General here regarding some of legal issues involved in serving the pot industry.
Speaking on the subject “Emerging Law Enforcement Issues for the Legalized Cannabis Market,” Seefried addressed risk issues that included Canadian reverse mergers (which involves moving funds to and from Canada), international funds (international regulations and treaties must be observed), investment funds (fund created to serve the cannabis industry are surfacing quickly and require validation and verification), and more.
In addition, Seefried spoke to issues related to ancillary MRB accounts, fintech, illicit organizations and protective legislation. “While it is great to know our legislators are working hard to enact legislation that provides more access to banking, the issue is whether that legislation will, in fact, change access or provide a false sense of protection,” Seefried said.
Also Met With Credit Unions
While in New Mexico for the meeting, Seefried also met with nearly 100 credit union professionals to address misconceptions and fear of banking this underserved industry.
“Education is key,” Seefried said, “and we are committed, as a credit union, to doing the right thing and helping to make people’s lives better. Moving into the cannabis space is not easy, so we’ve created a process, through Safe Harbor Services, an entity created and owned by Partner Colorado Credit Union, to help financial institutions proceed in a slow, methodical manner for the safety and soundness of their institutions. Our goal is to remove some of the ‘pain points’ we have managed through over the past four years to help them avoid the difficulties and mistakes learned firsthand, which allows them to focus on compliance.”