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Home 🌿 Cannabis Technology News 🌿 New Software Could Help Marijuana Businesses Get Access to Banks 🌿New Software Could Help Marijuana Businesses Get Access to Banks
Two companies are teaming up to make it easier for pot businesses to track their products and comply with regulations, which may finally persuade banks to work with entrepreneurs in the industry.
The cannabis industry still has a banking problem. Although a growing number of states have legalized medical and/or recreational marijuana, it is still illegal under federal law. This makes most banks apprehensive about serving pot businesses.
While some major banks have marijuana clients--and tax revenue collected by state governments sit in banks--the majority of the companies have trouble keeping an account open before the bank issues a suspicious activity report that forces them to take their cash and leave.
Kind Financial, a California-based provider of software and financial services for pot businesses, is trying to address the problem. The firm on Tuesday announced a new partnership with financial compliance consultancy Link to Banking that could help banks become more comfortable accepting cash from...
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