After his service to the United States Army, where he worked on turbine engines, Peter Su found himself on the bottom of the banking totem pole, working to scale upward. Now starting his 23rd year in financial services, he finds himself in an especially interesting role as a vice president of private banking and cannabis banking team leader for Dime Community Bank.
Although it was considered taboo just a few short years ago, cannabis is now one of the fastest-growing industries in America. Still, it is a niche that is underserved, even for the most fundamental of banking amenities. “You would be surprised at what isn’t available to the cannabis industry. Even a basic checking account can be a struggle to secure,” Peter says.
To that end, Peter is spearheading a banking program that serves the entire spectrum of the cannabis industry, including companies that specialize in hemp, minor cannabinoids like CBD, and legal marijuana. He is also actively pursuing multiple accreditations and devouring educational materials so that he can increase his knowledge and continue to be a thought leader in this challenging arena. To date, Peter has attained designations as a certified treasury professional (CTP) and certified commercial cannabis professional (CCBP). The latter is a certification reserved specifically for cannabis banking and Peter was one of the first to earn it. He is also a certified commercial cannabis expert (CCCE), allowing him to assess and advise on risk management for cannabis-based businesses. In addition, Peter completed a certification course with The Medical Cannabis Institute on the endocannabinoid system (ECS), which is typically pursued only by medical professionals.
Peter elaborates, “This is an incredibly dynamic and highly specialized field that is constantly evolving. Between its status as a Schedule 1 narcotic at the federal level and the varying degrees of legalization at the state level, there is a lot of grey area. Navigating these complicated parameters is a large portion of what I do. I like to joke that my job is 50% sales and 100% compliance.”
Private Banking Cannabis Team Leader — Dime Community Bank LinkedIn: linked.com/in/petersu