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
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.
Current cannabis legacy cash banking programs
Bronze Program
✔ Cash delivered
✔ Wire out next day to client’s designated bank account from U.S. or EU bank
✔ Deposit processing fee: 7.25%
Silver Program
✔ Cash delivered
✔ Minimum deposit time: 2 months
✔ Wire to client’s bank account from U.S. or EU bank in monthly releases over minimum of 4 months
✔ Interest paid to client: 1%/mo on principal balance
✔ Deposit processing fee: 2.5%
Gold Program
✔ Cash delivered
✔ Deposited in HSBC/UK bank account for minimum of 12 months under sole control of client
✔ Client may continue to use HSBC bank account after initial 12 month period
✔ Interest paid to client: 5% p.a.
✔ No deposit processing fee