To paraphrase a well known TV commercial, “It’s your money, and you need it now!” It only makes sense that you want to get a cannabis bank account quickly. But, due to the myriad regulatory hoops to jump through to remain compliant and mitigate risk, the process of getting approved and onboarded for an account can be a long, time-consuming one. If you’re a serial entrepreneur, you’ll likely be surprised by how additionally complex it is to get your cannabis business banked compared to your businesses in other industries.
On a positive note, there IS something that can be done about it! By having all your paperwork properly completed and submitted, you might find yourself with a bank account in as little as 5-10 business days! (If you’ve been around the block a time or two, you’ll know just how lightning fast that is.)
You already have enough things to worry about, and we believe banking doesn’t have to be one of them. That’s why our onboarding specialists compiled this helpful checklist, and they work with you every step of the way to ensure you get banked as quickly as possible.
In its simplest form, there are three main phases of getting setup to be approved:
So what all is required to get a cannabis bank account quickly?
What we collect:
Bylaws – Bylaws are similar in function to Operating Agreements. Bylaws may be established by entities such as a business corporation. Bylaws are a set of rules or laws established by an organization or community to regulate itself, as allowed or provided for by some higher authority.
Additional requests you might encounter:
For those holding pre-operational licenses, we request that the customer provide any application that has been submitted to the state. This will not be applicable for each state as some states require a bank account before applying for a license.
We make the process of getting a cannabis banking account quickly easy by using the above mentioned documents to compile all CIPs needed. You’ll then receive a pre-filled CIP for every owner and the entity. All you have to do is review, edit if necessary, and approve.
Once you’ve verified that all CIPs needed are correct, all you have to do:
Once you’ve submitted your completed paperwork, your heavy lifting is done! Celebrate with your favorite beverage (or strain) of choice as our onboarding specialists get to work verifying your documents.
This is where our team of compliance experts kicks it into high gear. We work with the bank to get your application reviewed and approved so you can get a cannabis bank account as quickly as possible. (Ideally in as few as 5-10 business days!)
Ready to get started? Apply now so our Financial Solutions Consultants can get to work connecting you with the banking services you need!
Do you own a hemp, CBD, dispensary, marijuana, or cannabis business and need a business bank account? We’ve validated over $8 billion dollars in cannabis-related funds since 2015. Bank with confidence. Bank with Safe Harbor Financial today.Open Your Account