Does anyone have any leads or contact info that they can offer for banking? Credit union or state chartered of some variety…we are in California
and don’t have any retail facility so don’t have requirement for ATM or merchant processing.
More traditional banking; checks , wires, deposit type stuff is the need.
I can help you out, it’s easy. You just don’t want to have a cannabis based business. Always start a legit named and documented business and everything will work out. If you’re ever in town stop by and I’ll help you out. It’s really easy.
About half the banks won’t. The other half will if your paperwork is in order and you limit how you deal with opposing parties with cannabis names. When you use banking you have a fiduciary responsibility to ensure you are compliant. Most of the time now adays it’s about how you do banking. Remeberberry never move your own cash.
Banks audit large cash deposits. They source funds and will close the account immediately and hold funds. So, no thanks. I’m not looking for a way around banking in any scandalous way. I’m looking for a bank that will allow licensed cannabis business to operate normally. I know how to do it shady… But the banks will catch you. Let me know if anyone has a legit bank that will allow for a cannabis business to operate with large cash deposits. We do merchant services as well. Leap Payments uses a few processors, but rates are 3.9% plus $0.25 cents a transaction. With a monthly fee as well. They may also request a deposit as well…
The bank only cares about you, the account owner handling your cash and bringing your cash in.
Here I just told you the major secret for cannabis companies who do real banking with real banks. Don’t handle your own cash.
Next…get someone familiar with setting up a business that’s neutered on paper.
Next…you aren’t small business. So don’t get a small business account. You need a big business bank account. Becusee those accounts are designed to move large amounts of money and they have bank reps that come see you and setup the architecture for your account management.
Use a cash handling service to take and bring you currency. They shield you from handling your own cash.
How do you think these cannabis companies are opperating. With good accountants and cpas. Most big banks are open to cannabis now because the committee groups throughout the banking industry have spoken at all the events and the tide is turning.
I’m very familiar with setting up a business and structuring etc… The problem with not handling your own cash is exactly that. It’s out of your control. In one of my businesses, we sell and support ATM machines. We pull large amounts of cash out, we service the machines with that cash, then we deposit large amounts of cash to keep that service going. We’ve been doing it for years. So Citibank knows us and what we do.
When you say “set up big banking”… What BIG bank will set that up for a dispensary or for a licensed delivery company or a licensed cultivator selling to dispensaries? Can you give me the name of one bank that will take that kind of cannabis related business?
What bank will send a “rep” to my dispensary, or my warehouse that’s filled with cannabis as a licensed cultivator? If you can give me the name of a bank that will send a rep to one of my facilities and will clearly understand that I am a cannabis business, and open an account for me… I’d love to know who they are. I need it myself and I have a ton of clients in need of a reliable and trustworthy bank to set an account up with.
SPDking is actually right on this one. It’s completely legal and legit to operate two companies, one who handles cannabis and one who doesn’t. You definitely want to have a tax attorney on your side but when done correctly you have nothing to worry about. If its CBD bank of the west is offering accounts to CBD companies and you just have to submit to them CoAs for every batch of product.