Need Banking - any leads or contacts u can offer?

He’s out of the office until June 30th I just called ironically

Im going to give Salal a shot also. :100:

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little update as ther is a provision in the next stimulus package called “safe harbor”. It will allow banks to accept cannabis proffits and give loans to cannabis companies.

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I’ve got maybe 10 companies working with Bank of America with no complaints for all things hemp. For cannabis it’s definitely more state by state. I have solutions for banking. Payment processing / retail debit card etc.

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I have a licensed distro in SoCal we have a bank account out of state. I don’t remember the name of the institution but I can ask our CFO tomorrow. DM if you still need the info.

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Its definitely state by state. I hope I did everything correctly in the avenues I have chosen. Texas is definitely not friendly to the subject, even beyond Banking. :cowboy_hat_face:

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You’re in Texas?
I’m from Texas and just returned because of the law changes and am overseeing some clients for operations.

Hmu. Would love to break bread or find an opening to help more of our states license holders.

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DM me you number and i will have our CFO reach out tomorrow.

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I’m guessing you went for Austin Texas! But maybe your a cooler dude than that…LOL…The only place in Texas that’s…well we will call it OPEN MINDED. Because we dont want to offend any of yall…
I’m close to the DFW area. We definitely need your service…I have a well versed IT guy that’s my Best Friend and can do almost any request on design…but has limited knowledge in SEO and things of that nature.
I will drive anywhere in TEXAS to feed you a steak.

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I am what we call born Texas Privileged and adopted Texas Privileged. I swear I was born with a four leaf clover tatted on me. :joy:

I’m the most blessed man I know and am always trying to create opportunities.

You had me at steak.

I hail from San Angelo, San Antonio & Rockport, but lived the best parts of my life in Los Angeles, Portland, Salt Lake City and the woods of Pennsylvania :slight_smile:

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I got a lot going on naw mean

Procan1 would it be ok for me to use you as a referral for the bank also? I am getting bent over by Damma financial. $2500 monthly fee and 3% of deposits.
Thank you,
James

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Santa Cruz community credit union may be a better option. I know they’re cannabis license friendly. Maybe a wait list. Best of luck.

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BoA for the win. Thanks again

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I have a sit down with BoA tomorrow.

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We recommend First Interstate Bank. They are hemp friendly and can open accounts within one week. Glad to share my point of contact’s information with anyone who is interested.

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My partner and I have been having the same issue with finding an account/loans to expand industrial hemp, which is LEGAL. Due to this issue we are looking at actually forming a bank to cater to this market. If anyone is interested in joining in on the endeavor toss me a DM. Seed $$$ is needed to start something like this but I believe the returns can be quite nice.

You need to have between 18-30 million in hard cash that can’t be spent and can only be held to form a private bank. That means you need that much money sitting at all times despite what people bring you. It’s not as easy as you think to start a bank.

@spdking Not from what I’ve been told by a consultant. Yes you need a ton of cash, but only 20% needs to be held in cash. The rest can be loaned out and as people make payments that money can be loaned out as well. As people make deposits you can also loan out that money and once you have your charter you can borrow funds from the feds for next to nothing.

Hire another consultant.

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