"And so as not to leave you in suspense, let me be clear about where I stand: it is time for federal action to clarify and harmonize the laws and regulations surrounding the state-legal cannabis industry and marijuana-related businesses so that this industry can take part in the legitimate financial services industry."
The above quote is by Rodney E Hood. He is the chairman for the National Credit Union Administration, the congressional agency that insures, regulates, and protects at credit unions. He made this statement while giving a speech at the PBC Conference this past September in Washington D.C. The PBC is an organization dedicated to helping address the payments, banking, and compliance challenges in the cannabis industry.
At this point telling you legalizations is coming is like beating a dead horse. Speaking to people that doubt it is like talking to a brick wall. So those aren’t the people I’m talking to anymore. They will come once they see that it has happened. But if you’re here I’m talking to you. I’m talking to the people that see what is happening on the horizon and want to prepare for it. There are businesses constantly evolving around the growing cannabis industry. What’s more exciting is the businesses that we don’t even know about that will develop as legalization moves forward. Now is not the time to get lost waiting.
People come up and ask me how to get into the business all the time, but I find in these conversations that everyone is focused on cultivation. How can I set up shop to grow and sell marijuana? I’m not mad at the question because it’s a good question. My problem is it shouldn’t be you’re only question. Look at what it is that you enjoy and are good at and figure out ways it can be incorporated into the industry. It’s that level of thinking that will help propel you and the industry forward. It’s not just about growing. The services that surround cannabis also need to be cultivated and developed and that is where many people can start to develop the businesses that can thrive well into the future.
If a consulting company based out of DC is getting presidential appointed members that run national financial institutions to speak at their conference, then the question of legalization isn’t if but when. Don’t get left behind while the rest of the industry moves forward.