Infused Banking presented on the state of the Fintech and Cannabis Industries on Money 20/20
The lecture was open to all Money 20/20 participants and took place on 22 October
PLACITA, NM, USA, Nov. 7, 2022 /EINPresswire.com/ — Infused Banking is thrilled to have spoken at the Money 20/20 fintech conference, held in Las Vegas 22-26. October.
As legal cannabis continues to become a more widely accepted form of treatment, and medically legal in 33 states and Washington DC, banks are struggling to find ways to serve the cannabis industry.
The cannabis industry is exploding worldwide, in fact it is the fastest growing industry on the planet. The intersection between cannabis and banking is fraught with problems, namely cash. As the industry explodes, it brings forth entrepreneurs who can’t resist the thrill of not only developing groundbreaking products, but also the ability to actually define an industry. The thrill of rushing into the wild west has been tampered with by the federal illegality of cannabis. And while Cannabis Related Businesses (CRBs) come up with new and exciting industry product offerings, they are often faced with a harsh reality that the banking industry brings with it.
Michael Baird and Erin O’Donnell from Infused Banking spoke on Money 20/20 to their audience of the biggest fintech powerhouses in the industry. The company presented in the “Bringing the Banking to Cannabis” session on 22 October at 10:00. Other industry experts and influencers joined the company to discuss how banking is changing for cannabis businesses. Other speakers include Serena Williams (23-time Grand Slam champion and entrepreneur), Vinod Khosla (founder of Khosla Ventures), and Al Ko (CEO of Early Warning/Zelle).
They discussed the need for fintech to understand the challenge of cannabis. Financial education will be an important asset for the future of the cannabis industry, as the framework for bankers will need to be reinvented if cannabis becomes federally legal. In a conversation with Nick Holland on the Money 20/20 YouTube Channel, Erin O’Donnell had this to say about the state of banking in the cannabis industry “Cannabis is one of the fastest growing industries on the planet, so it can’t be ignored from a business standpoint. We’ve found that most cannabis operators have encountered issues with MasterCard and Visa, causing them to either only accept cash or process payments using systems that may not be acceptable to federal regulators,” explained Erin, “but it what we find is that fintech is up to the challenge and can prove to be a formidable competitor to traditional financial institutions.”
In addition to providing education, research and networking between the cannabis and banking industries, Infused Banking is also committed to promoting opportunities and advancement in the industry among women and minorities. “We see a need in the industry for greater empowerment and representation from small businesses, many of which are predominantly women or minority owned,” explains Erin, “We sponsor educational scholarships for our certifications for women in the industry and recently launched the group, CannaChix, to serve as a gathering place for women interested in cannabis, cannabis banking and all aspects of this rapidly growing field.”
About the company
Infused Banking is a company that specializes in financial education for bankers and entrepreneurs in the cannabis industry. Infused Banking was founded by an experienced team of banking professionals who recognized the need for training in the financial sector of the cannabis industry. Their vision is to provide a space for bankers to learn how to serve this new industry, which has been largely ignored by traditional banks. With a focus on helping financial institutions better understand how to serve their customers, Infused Banking offers training and advisory support to ensure banks and cannabis businesses remain compliant with cannabis banking requirements and state laws, while being able to perform at their best service to its customers.
Erin O’Donnell
Infused Learning, LLC dba Infused Banking
+1 312.316.0305
[email protected]
