Cannabis Banking

About Our Cannabis Banking Services

Cannabis banking is a term used to describe the process of financial institutions

providing banking services to businesses involved in the cannabis industry. Cannabis banking can help these businesses by providing them with access to

things like loans, lines of credit, and merchant services.

There have been some recent changes that have made it easier for banks to work with cannabis businesses. For example, in February of 2019, the US House of Representatives passed the SAFE Banking Act, which would protect banks that work with cannabis businesses from being penalized by the federal government.


Due to a combination of widespread destigmatization, a steady march of state-by-state legalization and the immense business opportunity of this industry, we believe that cannabis banking will move from a “nice to have” to “unavoidable” for many financial institutions.


Because cannabis banking is still in it’s infancy it is currently not well understood

by some financial institutions. As such, it is important for your institution to have a defined, clear and concise cannabis banking program built before engaging with cannabis customers. Our team of experts will work with you to develop, test, and implement your institution’s cannabis banking program.


Ascension Technologies, LLC will conduct a comprehensive risk assessment that will give your Board a pointed view of the risks associated with cannabis banking, this assessment can assist in determining whether cannabis banking gets shelved or ignites a spark at your financial institution. Our risk assessment will be inclusive of marijuana, hemp and CBD products and services. Additionally, we will review and asses your current risk controls.


Right Message to the Right Audience at the Right Time is Critical to Growth

We believe in optimizing customer relationships and to do that effectively, we build a dialogue with customers; a dialogue that motivates them to act. This requires us to build stronger, deeper and more profitable relationships with customers, while delivering a measurable return on every marketing dollar spent.

Direct and Digital Marketing are the core competencies of Ascension Technologies and one of the cornerstones of our services. We have years of in-depth experience developing and implementing direct and digital strategies and campaigns that successfully acquire, onboard new and retain existing customers.

Why? Because we understand that direct and digital marketing is all about delivering results and measuring return. We effectively apply this expertise to the art and science of developing communications that grab attention, differentiate, create unique value and generate return on your investment.


Providing financial services to customers involved in the emerging cannabis industry carries some risk and requires intensive and ongoing scrutiny and diligence of customer activities and operations, but the potential to expand an

institution’s customer base and earn additional fees and revenue from customers in need of financial services may be compelling and the rewards may outweigh the risks. Financial institutions interested in providing cannabis

industry customers with services should consult legal counsel when making the decision, when drafting new BSA/AML policies for such customers, and/or reviewing any existing institutional BSA/AML compliance policies.


Our team will conduct regular audits of processes and procedures and provide a

comprehensive review back to your financial institution.


In the event your financial institution decides to exit cannabis banking, our team

will work with you in lock step to ensure a smooth transition.

Why Ascension Technologies

Our mission is to provide our clients with the highest quality consultancy services that are purpose-built and designed to add value. We are dedicated to helping our clients achieve their strategic objectives and reach their full potential.

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