Legal Experts Highlight Secondary Party Risk In U.S. Cannabis Banking

U.S. banks and payments providers eyeing state-legalized cannabis businesses must battle with both a lack of legal clarity at the federal level and difficulties carrying out due diligence on secondary parties, experts have warned.

During an online seminar focused on providing financial services to marijuana-related businesses in states where cannabis has been legalized, Ballard Spahr partner Peter Hardy characterized the current status of regulation as a “kaleidoscope.”

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