The Massachusetts Cannabis Control Commission began issuing its first recreational licenses to marijuana businesses this week, however non-medical sales are likely weeks away.
The state has seen a slow roll-out of its new recreational cannabis law, much in part due to the reluctance of banks and traditional lenders to work with marijuana businesses.
Because of this, industry executives predict that less than a dozen cannabis retail locations will open in Massachusetts before the end of July. However, if you plan to open a retail location or other cannabis business in the Bay State, you can jump ahead of the competition and have access to traditional, regulated banking models that secures your cash and gives you peace of mind to run your business.
Higher Yields Consulting has your banking needs 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 you’ve 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
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.
You will also have access to tax and payroll services that allow you to not only pay your employees with actual paychecks and potentially direct-deposit, but also easily withhold for taxes and avoid any penalties associated with paying for your taxes with cash.
All of this allows you to run your cannabis business more effectively and safely. With the increased security of depositing your daily receipts, minimizing the amount of cash passing through hands at your business, and receiving an ongoing level of service that is in compliance with FINCEN, you can focus on what matters most: growing your business and offering a superior level of quality and service to your customers.