By Nicholas King and Suzanne Harank
Acquiring a business checking account continues to be a huge hurdle for most of the Cannabis Industry.
Here are some ideas we have gleaned from banking professionals that will help you establish a positive relationship with a financial institution that may enable you to get an account.
A final note: When cannabis is finally removed from Schedule 1, don’t expect banks to automatically open their vaults for your deposits. Bank concerns about cash,Suspicious Activities Reports and Anti Money Laundering regulations, as well as “Know Your Customer” and “Know Your Customer’s Customer” requirements will remain.
It is even possible those concerns will be heightened, especially with legacy cash, so don’t count on fees diminishing for some time to come.
Representing medical marijuana owner/operators, Nicholas King was a key member of the 23 person Colorado state work group that developed the first regulatory system for commercializing medical marijuana in the world. He has an intimate knowledge and perspective of the rules governing retail and medical marijuana programs. In 2010 he founded the trade association ACT4CO to include owner/operators in the developing the regulations. Nicholas was the first in the industry to provide training classes and field assessments for pioneer owner/operators to understand the rules and regulations and how to properly apply them in their facilities. Nick can be reached at [email protected]
Suzanne Harank, Co-Founder and CEO of Medical-Recreational Marijuana Systems, is a cannabis industry expert and pioneer in the field of regulatory compliance. Nicholas King, and Suzanne were the first consultants in the world to perform on-site field compliance assessments in 2011 within the regulated cannabis industry. Suzanne has testified as a compliance consultant at Marijuana Enforcement Division court hearings. She ran the day-to-day operations of a dispensary and cultivation facilities and ensured all compliance requirements were properly implemented, updated, and maintained. Sue can be reached at [email protected]
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