Glen Weinberg, COO/ Partner in Fairview Commercial Lending, recently wrote an article for the CO Biz Magazine: Pot Banking, What are they smoking. The Marijuana Industry faces a conundrum
What do you think about a bank focusing just on one industry? Is this a good idea or a recipe for disaster? If you were in this industry, would you put your money in a bank catering specifically to your industry?
Imagine you were a wine producer and only one bank was allowed to take your deposits and provide other banking services; what would happen if there was a bad harvest? Would a bank focused just on the industry be able to weather the downturn? This is essentially what is facing in the marijuana industry.
Why is the marijuana industry so unique?
Would you put your money in a bank with private deposit insurance (not insured by the FDIC or NCUA)? What happens when there is another banking crisis like the one we just experienced?
The above questions and more are answered in the article. Read entire article: https://www.cobizmag.com/articles/pot-banking-what-are-they-smoking