This week we spotlight Joseph Campanelli, President, and CEO of Needham Bank. Joe’s 30 years in the financial services industry – including leading Hartford National into interstate banking, building Sovereign Banks – New England and its entry into commercial baking multi-state acquisitions, and leading the turnaround of Flagstar Bank, raising over $1 billion in capital, position him as a key market leader in cannabis banking.
From your corner of the cannabis industry, what’s the single greatest challenge right now?
For us, the greatest challenge is the enormous loan volume coming from the cannabis industry and rigorous compliance standards. Since marijuana is still illegal at the federal level, many financial institutions are unwilling to serve cannabis business clients, creating a high volume of loan requests for banks that serve this industry.
Although numerous requests are constantly coming in, it is critical to take the time to find a solution for each customer’s unique credit needs. And after determining the appropriate structure, challenges include trying to process the loan request promptly while balancing credit risk, customer … Keep reading