In this episode, Herb is joined by Peter Su, Director of Specialty Banking at Hanover Bank, to explore the evolution of cannabis banking. With over 20 years of experience in banking and cannabis consulting, Peter offers a deep look into how cannabis banking programs have developed over the past decade and the real-world effects of federal regulations like the Cole Memo and FinCEN guidance.

The conversation covers the costly logistics of cash transactions, the shift in employee payroll practices, and the heavy tax burdens imposed by IRC 280E. They also dive into the significance of the SAFE Banking Act — introduced a decade ago — and what it could mean for the future of cannabis finance, lending, and services.

Despite progress, cannabis businesses still face major challenges around compliance, cash management, and profitability. Whether you’re a cannabis entrepreneur, banker, or policymaker, this episode offers an inside look at the hurdles and opportunities shaping the future of cannabis banking.

Joint Session: Diverse Voices in NYS Cannabis is produced by Herb Barbot, with executive production and marketing by Simlev.

Please contact us at herb.jointsession@gmail.com if you have any questions or comments, including topics to cover.

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