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Navigating Safe Harbor: Cannabis Banking in a Time of Uncertainty
After Colorado voters approved the sale and use of medicinal and recreational
cannabis, the state’s landscape was changed. Suddenly, dispensaries and grow
houses were everywhere, and customers numbered in the tens, if not hundreds, of
thousands.
But federal laws make it difficult for cannabis businesses to open checking or
savings accounts in federally insured financial institutions. It’s nearly impossible for
these businesses to wire funds, access lines of credit, or maintain payroll accounts.
The result is an industry that has been forced to pay its bills, employees, suppliers,
and taxes in cash. Briefcases and backpacks full of cash.
Enter Safe Harbor Private Banking. Concerned about the risks a cash-based industry poses to public safety, it plunged into cannabis banking determined to take money off the streets and to offer law-abiding businesses a port in a turbulent sea. Its experiences serving the cannabis industry offer a primer for other bankers considering a similar program and for policy makers and regulators eager to bring
stability to a topsy-turvy marketplace.
cannabis, the state’s landscape was changed. Suddenly, dispensaries and grow
houses were everywhere, and customers numbered in the tens, if not hundreds, of
thousands.
But federal laws make it difficult for cannabis businesses to open checking or
savings accounts in federally insured financial institutions. It’s nearly impossible for
these businesses to wire funds, access lines of credit, or maintain payroll accounts.
The result is an industry that has been forced to pay its bills, employees, suppliers,
and taxes in cash. Briefcases and backpacks full of cash.
Enter Safe Harbor Private Banking. Concerned about the risks a cash-based industry poses to public safety, it plunged into cannabis banking determined to take money off the streets and to offer law-abiding businesses a port in a turbulent sea. Its experiences serving the cannabis industry offer a primer for other bankers considering a similar program and for policy makers and regulators eager to bring
stability to a topsy-turvy marketplace.
118 pages, Kindle Edition
Published May 11, 2016
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