Federal laws make it difficult for cannabis businesses to open checking or savings accounts in federally insured financial institutions. The result is an industry that has been forced to pay its bills, employees, suppliers, and taxes in cash.
Enter Safe Harbor Private Banking.
Concerned about the risks a cash-based industry poses to public safety, it plunged into cannabis banking in 2015 determined to take money off the streets and to offer law-abiding businesses a port in a turbulent sea. Safe Harbor’s 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.
Buy the must-read book for anyone interested in offering banking to the cannabis industry.