Back in 2014, FinCen (Financial Crimes Enforcement Network) wrote guidelines for banking cannabis related businesses at the federal level. Because of the stringent rules, very few banks dared to enter the industry. Our partner, ICS, developed a compliance solution that would eventually enable a federally chartered bank to not only bank cannabis accounts, but also pass strict FDIC audits.
After successfully passing FDIC audits, ICS set out to scale banking services at the federal level for cannabis related companies. The cannabis industry is a multi-billion-dollar industry that is severely underserved with most operators bearing the high cost of securing cash and paying operating expenses from cash receipts. Other operators resort to opening a bank account but fail to disclose the true nature of their business to bankers. Those bank accounts are often frequently shut down and the operators blacklisted by banks that will not risk their charter by banking a business that is related to the cannabis industry.
Let us find you a compliant banking home today and put your money to work for you. We also offer legacy cash solutions, equipment financing/leasing, and a myriad of financial services for cannabis related businesses.
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