This Startup Wants to Solve the No. 1 Problem in the Legal-Marijuana Industry
The marijuana industry faces a huge problem: Few banks will touch cannabis cash.
Even though big bucks are on the line — Colorado is predicted to pull in more than $140 million from taxes on marijuana sales in 2016 alone — marijuana is still classified as a Schedule I drug at a the federal level.
Most banks don't want to deal with that kind of risk, forcing dispensaries to operate on an all-cash basis.
"There's still a great stigma in the banking community around marijuana. It's palpable," says Jeff Foster, a cofounder of Jane, a startup that provides hardware and software for cash-management solutions for marijuana companies.
That makes everything from paying taxes to tracking sales exceedingly difficult.
Beyond the difficulties of paying taxes in pure cash, serious security issues arise. It's not uncommon for dispensaries to employ armored cars to ferry around their employees.
How Jane works
Enter Jane. The company was founded by Foster and Yves Yon and is led...
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