No Banking for Cannabis Businesses? Not so Fast
In a post published on the Forbes website, Tyler Beuerlein, Chief Revenue Officer for Hypur and Chairman of the NCIA Banking and Financial Services Committee, says it’s a myth that cannabis-related businesses can’t get bank accounts. He says that the vast majority of cannabis businesses he works with across the U.S. are currently doing business with reputable banks.
Beuerlein goes on to say that banks and credit unions are able to serve marijuana-related businesses, as long as they comply with the 2014 FinCEN guidelines. His assertion is that banking for the cannabis industry isn’t that different from other highly regulated industries, such as guns and ammo dealers, payday loan companies, and pawn shops.
Another myth busted in the article is that the SAFE Act will solve all the banking problems for the legal cannabis industry. Beuerlein calls the SAFE Act mostly symbolic, and questions if it is necessary at this point.