Blast The Barriers In Nevada Cannabis Industry With Regulated Banking
After only 10 months into the fiscal year, cannabis is a $434 million industry in Nevada. The economic potential is staggering, however many marijuana businesses face major hurdles and security concerns when it comes to stashing their cash.
The projected revenue for the US cannabis industry is expected to exceed $10 billion in 2018. With so much money passing hands, it’s incredible to consider that the industry is still mostly cash-operated.
The unfortunate fact is that many traditional financial institutions simply aren’t willing to work with marijuana businesses, and the difference between a business being awarded a license may come down to whether or not they have legitimate banking services.
One of the largest challenges facing business owners in the cannabis industry is securing their capital. For years, businesses have not had a reliable solution to their banking needs and had to rely on cash-only transactions to sell their products.
Operating a cash-only marijuana business not only creates a lot of barriers to financial security and the needs of running a modern, successful company, but also increases the risk of crime, money laundering, financial corruption, and the violation of state marijuana laws and regulations.
Thankfully, as the industry has matured, cannabis businesses now have access to traditional banking models that are regulated, which gives business owners peace of mind knowing that their money is secure.
If your marijuana business needs banking services, Higher Yields Consulting has you covered. We’ve partnered with top financial institutions that are ready and willing to work with your business and provide the services you need.
HOW CANNABIS BANKING WORKS
The first step is doing an evaluation of your cannabis business to examine whether or not it is in compliance with FINCEN (Financial Crimes Enforcement Network). Once your business has successfully completed this process, we submit your information to participating financial institutions and work to find the best one that suits your needs.
We then provide the support and services based on your business needs. This includes monitoring your account and integrating and syncing your POS for reporting and verification by your new financial institution.
KEY BENEFITS OF CRB BANKING SERVICES
We foster a direct banking relationship with an established financial institution. This gives you access to checking and savings accounts with check writing, in addition to armored carrier services and vaulting for your cash.