Cannabis Advisory
Copacetic Strategies provides ongoing or project-based cannabis financial services advisory.
Our advisory services include:
Risk Assessments
Many financial institutions do not have the capacity or expertise to distinguish cannabis businesses and ancillary businesses and appropriately identify the associated risks. Copacetic Strategies works with financial institutions to implement cannabis-specific inherent risk assessments so you can have better optics on underlying risk when working with cannabis businesses and ancillary businesses.
Commercial cannabis business (marijuana-related business) Identification
Regardless of whether the financial institution serves the cannabis ecosystem, a method to identify cannabis businesses is the first step to supporting the board of director’s decision regarding serving the cannabis industry. Copacetic Strategies’ cannabis and ancillary business risk models provide a quantitative method to identify these customer types and take appropriate action.
Training of Staff
Raising the baseline institutional knowledge of the cannabis ecosystem is key to successful outcomes. Training programs designed by former cannabis regulators equips financial institutions with the knowledge and know-how their employees need to operate confidently in the complex cannabis market space. Whether front line staff or the board of directors, Copacetic Strategies will increase the ability of employees and management to make informed decisions when interacting with the cannabis ecosystem.
Exit Strategies
Prior to providing services to cannabis businesses, regulators advise that a plan to remove the cannabis customer segment be developed. Copacetic Strategies can assist financial institutions with an exit strategy that maintains compliance with all applicable regulation, including increased reporting requirements.
Our services include:
Providing a rubric for examining customers along the cannabis risk vector
Training your staff to raise their knowledge in the area
Developing and implementing a monitor or detective control to identify mis-categorized customers