A Primer on Banking CBD
Anastasia D. Stull, Attorney at Law, Clark Partington
At the intersection of the $4 trillion global wellness economy, the $17 billion legal cannabis industry, and the anxiety epidemic in America -- sits a little bottle of CBD oil. Hemp is no longer a controlled substance and analysts estimate CBD will be a $20 billion industry by 2022, yet there is still a huge gap in regulatory guidance for financial institutions that serve businesses dealing with hemp. There is a definite need for financial regulators to issue a clear directive on distinguishing legal hemp and illegal marijuana, so banks are rid of the uncertainty about their exposure to criminal and civil liability or regulatory censure. We will discuss the opportunities for banks to onboard CBD customers in Florida amidst the regulatory challenges, including what CBD/hemp business owners need to do to prepare to be banked.
Anastasia (“Tasia”) Stull’s practice at Clark Partington focuses on business formation and organization, corporate governance, and financial institution consumer compliance. She has represented individual and corporate clients in a wide range of industries including banking, mortgage, securities, and business transactions. Before coming to Clark Partington, Tasia was Sr. Regulatory Counsel for the Consumer Bankers Association representing the largest retail banks in the U.S. on a myriad of regulatory, compliance and business issues. For more than a decade, Tasia represented financial services clients in regulatory compliance and enforcement matters at Buckley Sandler LLP and held senior consulting roles at firms in Washington, DC and New York, NY. She was an attorney in the General Counsel’s office of Merrill Lynch International Bank’s Global Private Client group in London and began her career at the Securities and Exchange Commission’s Division of Enforcement. She earned a Masters of Law with honors in Securities & Financial Regulation from Georgetown University Law Center, a Juris Doctor from Nova Southeastern University, and a Bachelor of Arts with honors from the University of South Alabama. She is a member of the Florida, Washington, DC, and United States Supreme Court Bar.