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DECEMBER 2021
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State Cannabis Markets Continue to Expand 

A year ago, we wrote that based on cannabis legalization momentum at the state level, federal recognition was inevitable, but the timeline for it was unpredictable. Here we are, heading into a new year, and our viewpoint has not changed. Over the past year, state legislators enacted over 50 laws liberalizing marijuana policies in more than 25 states. This includes the passage of new laws in Connecticut, New Jersey, New Mexico, New York, and Virginia legalizing adult-use cannabis possession and regulating retail cannabis markets. Now, 18 states —comprising nearly one-half of the U.S. population —have laws on the books regulating adult-use cannabis production and retail sales.

Established markets in California, Washington, and Colorado continue to grow and mature as new capital enters the market. In California, the expansion of local jurisdictions allowing cannabis retail means that over 100 retail licenses will come online over the next 12 months. Total spending in California, the largest individual cannabis market in the world, is expected to hit $7.1 billion in 2024, representing nearly 23% of all U.S. cannabis sales.

Meanwhile, the emerging adult-use cannabis markets in New York and New Jersey have been described as “an entrepreneur’s dream,” with estimates that the potential market will soar to more than $6 billion within five years.

A growing cannabis industry means increased complexity for nearly every player. While banking this industry offers compelling financial benefits, such as new low-cost deposit growth, non-interest income, and the potential for earning assets, it comes with a high regulatory burden. Likewise, as cannabis-related businesses get larger and more complex through vertical integration, mergers and acquisitions, or outside investment, banking services, and cash management tools that can grow with them and support their changing needs are becoming even more essential.

“Providing access to banking supports business owners and helps improve public safety while providing an important growth opportunity to the financial institution. This is a chance to do something different and unique.” 

—Tony Repanich, President and COO of Shield Compliance  

Learn More About Our Cannabis Banking Solutions
Introducing the Shield Compliance Cannabis Banking Playbook
Cannabis Banking Playbook
Understanding what is required to serve cannabis businesses and minimize risk helps bankers succeed in this expanding market. Informed by the experience of pioneering bankers, our newly published cannabis banking playbook defines a path forward for financial institutions to serve cannabis-related businesses successfully.

Get the Cannabis Banking Playbook ›
Welcome Cami Cantrell
Cami Cantrell
In October, Shield announced the appointment of Cami Cantrell as Executive Vice President, Payments and Strategic Alliances. Cami has over two decades of experience in product and business development roles in the banking industry and corporate world. She specializes in developing deal structures and third-party risk management programs that assist financial institutions with oversight of products delivered through external program managers and independent sales organizations. Prior to joining Shield, Cami was an executive at an Illinois state-based community bank where she was responsible for issuing and acquiring sponsorship business lines that process billions of dollars in payments annually.

Read the Press Release ›
Meet the Cannabis Banker: Nicole Perry at Dart Bank
Nicole Perry
As part of our ongoing series featuring the bankers and experts paving the way for the mainstream availability of banking services, we recently sat down with Nicole Perry, Vice President and Treasury Management Officer at Dart Bank. As the first financial institution in Michigan to serve cannabis customers after the state legalized adult use in 2018, Dart Bank has learned that you can never become complacent because the industry is constantly changing. In this interview, Nicole shares her enthusiasm for cannabis banking and offers valuable advice to financial institutions interested in getting involved.

Read the Interview ›
We want to tell your story. Please let us know if you or someone on your team would like to be featured.
Shield in the News:
Shield announced a strategic alliance with POSaBIT to provide cannabis-related businesses and financial institutions a complete end-to-end view of compliance to ensure the transparency and traceability of transactions while also creating new revenue opportunities.  Read the Press Release 

“Our alliance with POSaBIT offers merchants a compliant, best-in-class cashless payments solution while allowing financial institutions providing cannabis banking services to generate valuable non-interest income revenue based on transaction fees.”

—Noah Carey, founder and CEO of Shield Compliance

Shield was also featured in these publications:
Visit our Insights Page ›
Upcoming Events:
ABA | Conference for Community Bankers
February 20-22, 2022 | Palm Desert, CA 
ICBA | ICBA LIVE 2022 National Convention
February 27-March 3, 2022 | San Antonio, TX 
IBA | The ONE Conference
March 3-4, 2022 | East Peoria, IL 
ABA | Risk Management Conference
March 29-31, 2022 | Virtual 
Shield Compliance transforms how financial institutions manage risk, comply with regulations, and satisfy operational demands associated with serving the legal cannabis industry. Shield’s technology sits behind the financial institution, powering its compliance and risk management operations in the background. This approach enables financial institutions to grow their portfolios and gain an early-mover advantage on new relationships and the added revenue from these customers while protecting themselves from the risks associated with banking this industry.  
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