What are legacy funds?
Legacy funds refer to cash revenue earned, derived and accumulated as a state regulated THC licensee (defined as any enterprise that dispenses, cultivates and/or manufactures marijuana, and that has not been previously banked on an ongoing basis with an approved cannabis-friendly US financial institution.
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 all THC licensees. Please note that funds that are found to be non-compliant, counterfeit and/or not tied to tax returns will not qualify for our legacy cash banking programs.
What are the THC licensee legacy cash banking terms?
Fincann currently offer three distinct and attractive legacy cash banking options, all of which are subject the following general terms and conditions:
- Program minimum: $5M
- 0.25% Fincann consultation and advisory fee
- CPA clearance letter and proof of funds required
- Applicable federal, state and local tax returns filed
- Armored cash transport costs paid directly by client, if applicable
- Initial in-person meeting of client principal(s) required
Visit the cannabis legacy cash banking page to see full qualifications. If you believe you’re eligible for THC licensee legacy cash banking, fill out this form and a Fincann representative will be in touch.
Following completion of legacy funds banking or independently, THC licensees are welcome to apply for compliant, transparent, sustainable cannabis-friendly commercial banking and/or merchant processing.