Fincann is proud to announce the addition of merchant processing for dispensaries and other THC licensees, adding to its vast suite of financial services geared toward the entire cannabis industry.
Why do THC and CBD businesses have so much trouble accepting credit and debit cards? Fincann explains the what and why behind this pressing industry issue.
Now that the 2020 election is largely behind us and a new president prepares to enter the White House, what should cannabis entrepreneurs and bankers alike expect from the new administration?
The term "legacy cash" refers to unbanked money accumulated by a business. In the cannabis industry, many businesses have a large sum of legacy cash on hand due to banking restrictions that left them without banking services.
The legal cannabis industry is still relatively young and evolving, but many U.S. institutions – financial ones included – have yet to catch up with this new reality.
We can all expect turmoil, shakeouts, fierce competition, incredible innovation, and an amazing $100B+ industry that barely resembles what we see today. Fasten your seatbelts!
Cannabis banking is not about the pros and cons of legalization, potential medical applications, and the myriad challenges faced by an industry struggling to transition from the black market to mainstream acceptance.
It is understandable and reasonable for folks to remain skeptical of cannabis. However, it is vital for today’s AML and banking professionals to ‘nip in the bud’ the misconception that cannabis businesses must remain unbanked.
it is politically unfeasible and therefore unlikely that it will be upgraded to include recreational or adult-use licensees, setting up the possibility of battles between legal states and the federal government.
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