skip to Main Content
From Banker to Cannabis Exec: How Las Vegas CEO John Sullivan Made the Leap

From CBE staff

Last October, VegasInc. profiled John Sullivan, who they described as “the medical-marijuana banking king of Las Vegas, having signed dozens of planned dispensaries, grow-houses and other pot entrepreneurs as clients.”

Well, just five short months later, you’ll have to change the story.

Sullivan, who was the president and CEO of First Security Bank of Nevada, has jumped from the banking industry to become president and CEO of Integrated Compliance Solutions (ICS), a Las Vegas-based company that is developing ATM-like kiosks for places like medical marijuana dispensaries where customers can make cannabis purchases.

He is notable, as VegasInc. pointed out, as being one of the very few bankers in the state of Nevada (or anywhere else) who “embraced medical marijuana as a new line of business. … (signing) more than 50 medical marijuana clients and developing a name for himself as the industry’s go-to banker.”

Why would a banker take such risks? As VegasInc. noted,

Sullivan knows the risks but views it (legal marijuana) as a legitimate line of commerce and a moral imperative to provide medicine to the sick. Also, letting businesses deposit their cash will make them and their communities safer, he said. Stories abound of dispensary owners keeping duffel bags filled with cash in their basement or in their store. The last thing Las Vegas needs is headlines about a dispensary getting knocked off by guys with submachine guns. “Vegas already has enough dings on its reputation,” Sullivan said.”

So, Sullivan’s move from an executive management position in traditional banking to the legal Cannabis Industry may be unprecedented, but it certainly isn’t a surprise given his recent background.

He told Marijuana Business Daily, “This is exciting to me, to see an industry be created … It’s sort of brand new. It’s like the dot com explosion 20 years ago.”


This Post Has 0 Comments

Leave a Reply

Your email address will not be published.

Recent Stories

As US Hemp Cultivation Levels Plummet The Established European Industry Continues To Flourish

DESPITE a huge decline in US hemp industry’s footprint the European industry will continue to grow, say the continent’s leading experts. Recent figures from the US show hemp cultivation fell to 107,702 acres in 2022, from 511,442 in 2019. However in Europe hemp’s footprint continues to grow – by over 30% between 2018 and 2021…

2024: Adult Use Marijuana in Florida

By Hilary Bricken, Principal at Harris Bricken In 2024, we may finally see adult use marijuana in Florida. This week, Smart & Safe Florida, a non-profit political organization, filed its ballot initiative, “Adult Personal Use of Marijuana“, with the  Division of Elections to legalize adult use marijuana in Florida. Make it Legal Florida already unsuccessfully…

Cannabis: ‘The U.S. is a $100 billion opportunity,’ Tilray CEO says

The U.S. market for cannabis is staggering, according to Tilray (TLRY) CEO Irwin Simon — even as it awaits a green light from Congress. “The U.S. is a $100 billion opportunity in cannabis,” Simon told Yahoo Finance Live (video above). “If you look at cannabis today in the U.S., 93% of Americans want medical cannabis…

Curaleaf forced to remove thousands of medical marijuana products from NY dispensaries

Curaleaf, one of New York’s medical marijuana operators, has pulled tens of thousands of units of cannabis from dispensary shelves after the company switched to an unauthorized way of labeling potency that led patients to believe the marijuana they purchased was much stronger than usual. Curaleaf began displaying “dry weight” measurements on its products in July without…

More Categories

Back To Top
×Close search