How will marijuana businesses handle their cash? Outside companies might help
Sara Williams just isn’t that comfortable with handling $10 million in cash.
Williams is the CEO of Midnight Greenery, a retail store she and co-owner Tina Smith plan to open in Anchorage this year to sell cannabis flowers, concentrates, oils, edibles and other products.
But like most who are eager to get into Alaska’s marijuana industry, Williams is worried about what to do with all the incoming cash that she can’t keep in a bank -- especially if business goes well.
Most banks want nothing to do with marijuana businesses because cannabis is still illegal at the federal level. That means businesses like Midnight Greenery will have to deal almost entirely with cash.
“You can have a safe for daily purposes,” Williams said, “but my business plan is saying I could be pushing $10 million annually, in cash. Millions of dollars needs an off-site storage backup plan, for sure.”
Williams said she asked Wells Fargo, Northrim Bank...
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