Banking Will Make Or Break Your Cannabis Business In Michigan
The Michigan Medical Marijuana Licensing Board has yet to award a single license for marijuana businesses in the state.
The state’s law regulating the medical marijuana market was passed over 18 months ago, and in the six months since the state’s regulatory agency began accepting applications, medical marijuana is still not open for business.
There are a number of factors for why no license has been awarded, however one of the largest roadblocks is that marijuana business owners are finding it difficult to access to traditional banking services.
Michigan lawmakers project that cannabis could grow up to $837 million dollars in the first year, but with nowhere to secure their cash, many businesses are struggling to stay above board.
Thankfully, as the industry has matured in other states, cannabis businesses now have access to traditional, regulated, banking services, which gives business owners peace of mind knowing that their money is secure.
Securing your money may make the difference between whether or not your cannabis business is awarded a license by the Michigan Medical Marijuana Licensing Board.
If you need banking, 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 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.