It's no secret that cannabis is becoming increasingly mainstream. What may come as a surprise to some, however, is that dispensaries are starting to be treated just like any other business when it comes to banking. A recent article in The Hill explored the possibility of banks working with cannabis businesses, and the answer may be more positive than you think! Keep reading for more information.
The cannabis industry is growing rapidly, and with that growth comes an increase in banking options. While it's still not easy for dispensaries to get a bank account, there are now more options available than there were even a few years ago. However, it's important to keep in mind that banks are still federally regulated, so they may be hesitant to work with cannabis businesses.
That said, there are a few banks that are willing to work with dispensaries. For example, US Bank has been working with cannabis businesses since 2014, and they currently have over 700 cannabis clients. They're not the only ones - other major banks such as Wells Fargo and JP Morgan Chase have also been working with cannabis businesses.
So, what does this mean for dispensaries? It means that there are now more options available when it comes to banking. If you're a dispensary owner, it's worth doing some research to see if any banks in your area are willing to work with you. With the right bank, you can get the same services and support that any other business would.
Why Do Cannabis Businesses Need a Bank Account?
Rent. Inventory. These are just a few of the many expenses that cannabis businesses have to deal with on a regular basis. In order to manage these expenses, it's important to have a bank account.
Without a bank account, dispensaries have to rely on cash only, which can be difficult to keep track of and makes it easy for theft to occur, whether by employees or robbers. Having a bank account also allows dispensaries to accept credit and debit cards, which helps as many customers don't like to carry cash.
In short, having a bank account is essential for any business - and that includes the cannabis industry. While it may not be easy to get an account, it's definitely worth the effort.
How to Open a Bank Account for Cannabis Businesses
The first step is to find a bank that's willing to work with cannabis businesses. As we mentioned earlier, there are a few banks that have started working with dispensaries, so it's worth doing some research to see if any are in your area.
Once you've found a bank that's willing to work with you, the next step is to open a business checking account. This is similar to any other business checking account, but there may be some additional requirements, such as providing proof of your cannabis license.
Once you have a business checking account, you can start using it just like any other bank account. This includes accepting credit and debit cards, writing checks, and transferring money.
While it may not be easy to get a bank account for your cannabis business, it's definitely worth the effort. Having a bank account will make it easier to manage your finances and grow your business. So, if you're thinking about starting a dispensary, don't let the banking issue hold you back –- there are options available.
Expert Financial Services for Cannabis Businesses
Growers and dispensaries face financial hurdles from top to bottom, to make it easier on the business owner, Chris Haro and his team specialize in tax preparation and accounting for the cannabis industry. They will help you cut expenses, and keep your financial records clean.
Get started with professional accounting services for cannabis businesses. Schedule a call with our team to discuss your financial situation and what we can do to help.