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Most financial institutions do not currently allow cannabis businesses to open an account, even if they are ancillary service providers, because it is still federally illegal. This means that these businesses have to operate on a “cash only” basis, causing an increase if numerous risk factors and overall operating expenses.
Although progress is being made at the federal level for the entire cannabis industry, no one is sure exactly when these banking issues will be conclusively resolved. Some entrepreneurs have elected to simply classify their business as something deemed less of a risk, such as a holistic health center. Short term, this may solve their immediate issues. Long term, they may end up getting prosecuted for fraud and/or banned from opening a bank account indefinitely.
The good news is that there are a few banks that have gone to considerable lengths to create a compliant solution for cannabis businesses. At Copper Street Lending we work with the top providers of cannabis and hemp banking, providing a variety of services outlined above. Because of the inherent legal risk and complications we always recommend that you consult with a legal firm before entering into any binding contracts.