Legacy funds refer to cash revenue earned, derived and accumulated as a state licensed marijuana-related business (MRB), defined as any enterprise that dispenses, cultivates and/or manufactures marijuana, and not banked on an ongoing basis.
FINCANN now offers several compliant banking options for licensed clients, both in the U.S. and Europe, for accumulated cash in any amount starting at $5 million. Customers of this service will also be welcome to bank their ongoing revenue from operations under the same programs FINCANN offers licensed marijuana related businesses (MRBs). Please note that funds that are found to be non-compliant, counterfeit and/or not tied to tax returns will be rejected and returned.
Pricing, terms and conditions vary from bank to bank, but all require:
- A non-refundable application fee of around $3,000
- Prepayment of estimated due diligence and compliance onboarding costs
- Includes onsite physical inspection of all licensed facilities
- Refundable upon opening of the account following approval
- Initial net deposit fees between 2.5% and 9.9%
- Ongoing account maintenance and/or asset management fees
- Armored car, security and legacy cash transport costs
- One-time compliance and advisory fee
In some instances, minimum refundable deposits and/or additional onboarding fees may apply.
Fincann exclusive consortium of transparent, compliant and sustainable banking services will accept legacy funds already in a licensed operator’s hands. Select partners are willing to accept legacy funds located out of state, so our solutions can often serve companies located in other states as well.
Once a compliant bank account is established, Fincann can provide a variety of (now-compliant) electronic (cash-free) payment solutions, including MasterCard, Visa, American Express, Discover & JCB, as well as electronic ‘wallet’ programs, ACH debit, and electronic check apps. We’ll work with you to implement the optimal package for your specific circumstances, especially since market pricing currently ranges from roughly 2.9% to 8.4% with 3-6 month rolling reserves of between 0% - 10%.
Call Fincann today at (212) 724-7777 for more information.