Cannabis updates, starting with a banking focus for Q2 of 2018.
Welcome to the latest episode of the podcast and today we are talking cannabis updates with a focus on banking for the second quarter of this year. A lot has been happening over the past few months and we are bringing you up to speed on where we stand and where we think we might be heading.
There’s a lot going on in the cannabis industry right now, and as we start to see a more mature ecosystem emerge, we’re also seeing some serious issues for business owners in the industry. We’re focused on the first part of the podcast on a specific set of circumstances (scam much, anyone?) that could really drag your state legal cannabis industry business down if you aren’t careful.
Wells Fargo. First Data Corp. Neither of these companies are offering banking, transaction processing, or any other type of services to state legal (or unlicensed) cannabis industry companies, and if you are approached by anyone trying to sell you their services, RUN THE OTHER WAY.
If you’ve already been approached or perhaps filled out an application, only to be sold a bill of goods in the shape of an offshore bank or processing account, drop us a line here, since we’d love to hear your story.
Moving on to other cannabis updates that aren’t about fraudulent banking –
Several other banking and payment processing solutions seem to be in a state of flux right now. Lawsuits are flying off the shelves in Colorado, mysterious LinkedIn postings, accusations of drug abuse and more.
All of this stuff is really crazy, but it was bound to happen sooner rather than later. The abundance of cash, the fluidity and inconsistency of rules and regulations, the flip flops by the current federal regime about what’s going to be allowed, what’s not, what’s going to make it’s way through committee to a vote and what’s going to be shut down by the AG no matter how hard he has to work those gremlin ears to do it, find it all in this episode of the podcast.