The cannabis industry has in some ways been hamstrung by the lack of cost-effective financial products since they first re-opened their doors in 1996. As if they did not have to contend with enough issues, they have certainly endured their fair share of hucksters who roll out illegal solutions and take advantage of the uninformed cannabis operator.
It is important to recognize providers in the cannabis space who are solid, reliable, and are working to normalize this sector. From cash logistics to POS solutions, from lending to banking, there are many in the financial sector that are investing their time and resources to the benefit of the cannabis business.
From time to time, regulators will require a financial provider to shut their cannabis related program down and that is an unfortunate situation for the cannabis business that has invested their time and efforts into opening that coveted account in the first place. At Clarion, we are always searching for trustworthy and compliant solutions for the cannabis business. Reach out to us for our list of service providers that we know well enough to be able to recommend to the cannabis community. I am sure there are many others that I simply do not know or have not had occasion to investigate. One note here- I have yet to find a cashless ATM that is compliant enough that you can depend on. Getting change back or rounded up purchases are a huge red flag in this area. Be careful, chargebacks are high for merchants who have non-compliant solutions.