After the Attorney General Alliance's (AGA) Cannabis Project Conference in Denver, several U.S. attorneys general have recognized the completion of a cannabis pilot and now launch of an official two-part cannabis certification program called "The Public Health & Safety Cannabis Financial Service Certification."
The Public Health & Safety Cannabis Financial Service Certification helps law enforcement and state regulators distinguish legal cannabis operators from illicit. It also determines both outstanding U.S. monetary banking protocols among cannabis and hemp operators as well as those who are meeting good manufacturing practices.
The certification began as a pilot program overseen by the Policy Center for Public Health & Safety (PH&S) in collaboration with state attorneys general. It is also being implemented by ASTM international and the American Trade Association for Cannabis and Hemp (ATACH) and is now available for wide-scale, national use by cannabis and hemp companies.
"In absence of federal regulation and oversight, the need for an independent versus self-certification is imminent. As the cannabis industry grows, we must have banking safeguards to mitigate illicit and criminal conduct. This is an important first step to give guidance to state attorneys general and lawmakers while raising the bar for the industry," said Karen White, AGA Executive Director. "The certification brings banking and financial transparency to ensure the safety of the monetary system for institutions banking hemp and cannabis."
The certification is endorsed by Safe Harbor Financial, a subsidiary of Partner Colorado Credit Union, which is developing financial systems in accord with the U.S. Department of Treasury and FinCEN.
"It is crucial to know where cannabis and hemp operators are banking to maintain a level of compliance. This certification will give regulators that insight. Additionally, hemp and cannabis operators can stand by their own financial and operational integrity as they subject themselves to volunteer audits," said New Mexico Attorney General Hector Balderas, who presented the official certifications to recipients at the AGA cannabis conference.
The overall certification is now accepted by state and federal regulators as the standard of compliance and implementation of general risk mitigating strategies.