Will Cannabis Businesses be Turning to the Banks Soon?

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A little over a month ago the Senate pushed the cannabis industry one step closer to practical business practices…

“Banks wishing to do business with the marijuana industry without fear of government reprisal inched closer to reality — again — when a Senate committee Thursday approved a measure — again — to do just that….

This time committee members passed the measure as an amendment to the Financial Services and General Government Appropriations Bill, which gives annual funding for some government operations. This year’s bill, which funds the Treasury Department, the judiciary and agencies such as the Securities and Exchange Commission, is about $22 billion….

The U.S. Department of Justice has said it wouldn’t spend time prosecuting financial service companies that work with legal marijuana businesses as long as it following strict guidelines of compliance — but stopped short of offering blanket protection against enforcement. Many bankers worry that they could risk losing accreditation and face money-laundering charges if a marijuana business client turns out to be a front for the illegal drug trade no matter how diligent they are at vetting them.” David Migoya of Denver Post (Follow him on Twitter)

Despite these strides, the cannabis industry still appears to be in for a long haul in gaining the full backing of the government and financial institutions. Bankers are still fearful and in turn have not been open and willing to start doing banking with cannabis related businesses.

Credit unions have begun developing a business plan to fill this void for business owners but have not been able to obtain the required backing to do so.

With burglary and robbery ratings on the rise, it is important to have a plan to secure your cash for the time being. If financial institutions are not willing to protect your money, it is left up to you to do it for yourself. The appropriate safe can be used not only as a safe keeping for your cash and assets but as a deterrent as well.

For the criminal, they are looking for an easy target. When someone “cases” your business they look for weaknesses such as handling cash with aluminum cash boxes and unstable procedures. They are looking for the easiest in and out. If you have a sound cash handling procedure, in addition to signs of significant commercial safes, such as time delay safe stickers, the criminal is likely to go elsewhere.

Pass the word(s) using one of the social media links below.

Written by: Heather Haney

Date: 7/25/16

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