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Cannabis Campaigners' Guide News Database result:
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Bank of Guam offering new services to cannabis industry Shane Tenorio Healy The Guam Daily Post Tuesday 20 Feb 2024 With the launch of Cannabis Banking, the Bank of Guam becomes the first local financial institution in the region to serve "all tiers" of cannabis-related businesses, or CRBs, the bank said in the release. Tasi Bank, a division of Bank of Guam in California, has been engaged with the cannabis industry for more than five years, the bank added in the release. Starting this month, the Bank of Guam will offer deposit and lending services to CRBs in Guam and Saipan legally licensed to engage in such activities, the bank said. These businesses are organizations or businesses that grow, process, dispense, administer or derive income from selling marijuana products. They include: (Tier 1) Direct Cannabis-Related Businesses: Businesses licensed to touch the plant directly. Types of direct CRBs include adult use/medical use, retail, processing, cultivation, dispensaries, seed producers, testing, delivery and consumption lounges. (Tier 2) Indirect Cannabis-Related Businesses: Includes industry-specific professional services. Types of indirect CRBs include operations support such as attorneys and accountants, landlords, hydroponic suppliers, packaging suppliers, delivery device suppliers, security firms, cannabis consultants, marijuana testing facilities, employment/payroll providers and cannabis software providers. (Tier 3) Hemp-Related Businesses: Businesses licensed by the United States Department of Agriculture or state regulatory agency to grow, test, or otherwise prepare hemp. (Tier 3) Cannabidiol Businesses: Businesses engaged in the production or sale of hemp-derived cannabinoids intended for human or animal consumption, as regulated by the Food and Drug Administration. "It has always been the mission of our founder to serve the underserved and to provide access to safe and secure banking services to our communities. This now includes our cannabis-related businesses. As your partner in growth, we are committed to extending our expertise as trusted financial advisers to this new industry and to allow our local cannabis-related businesses who follow the process and play by the rules, a fair chance to succeed," Bank of Guam President and CEO Joaquin L.G. Cook stated in the release. Bank of Guam has partnered with Green Check Verified, a cannabis compliance company, which allows Bank of Guam to meet regulatory requirements for banking by CRBs. "The platform allows cannabis clients the ability to share data from their day-to-day business activities, such as sales, inventory and required licensing documentation," the bank stated in the release. Open house Bank of Guam will have an open house from 10 a.m. to 2 p.m. Thursday at the Tamuning branch to give interested parties the chance to learn how Bank of Guam will serve the banking needs of cannabis-related businesses. For those interested in attending the open house or who want to learn more, email branchRM@bankofguam.com or visit www.bankofguam.com/cannabis-banking. Industry The cannabis industry has yet to take off on Guam as there have been various roadblocks, including permitting issues that have affected at least one potential cultivator, according to Guam Daily Post files. Post files also state that a testing laboratory is waiting for a clearance. A testing laboratory is integral to developing a commercial cannabis industry on Guam. No cannabis or cannabis products can be sold without being tested for potency and safety. Essentially, without a testing laboratory, there can be no industry on the island under the current regulations. https://www.postguam.com/news/local/bank-of-guam-offering-new-services-to-cannabis-industry/article_6e2c35d0-cf95-11ee-a57e-079130d30daa.html
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