Marijuana Business Banking in Florida

cannabis business banking

Marijuana Business Banking in Florida

Marijuana Banking Is Now Open For Business in Florida

The Sunshine State has one of the fastest growing medical marijuana markets in the country. Since the start of 2018, the number of patients enrolled in the state’s program has increased by 100% with no sign that enrollment will slow down. Marijuana business banking services in Florida are going to be in high demand.

Additionally, Florida is considering changes to its program that will drive the numbers even higher and open the floodgates for more cannabis business licensing.

For example, smokable flower is currently not for sale, however the state is expected to make a decision this fall to regulate the cultivation, distribution, and sale of cannabis flower.

Also, Florida’s Department of Health is currently writing rules regarding the production of cannabis edibles, one of the fastest growing parts of the cannabis industry, and which will surely increase enrollment.

While this is great for the industry, for patients, and for commerce, Florida’s cannabis business owners took a hit earlier in the year when First Green Bank, an Orlando-based financial institution, closed its doors to medical marijuana.

Many Florida medical marijuana businesses were left in the dust without anywhere to stash their cash, and had to rely on risky models to pay their employees and keep their doors open.

One of the largest challenges facing owners in the cannabis industry is securing their money. Most businesses still operate on a cash-only basis, which increases risk, decreases growth, and oftentimes leads to the violation of state laws and regulations.

Thankfully, as the industry has matured, reliable, regulated banking is becoming more and more available in most states.

If your marijuana business needs banking services, Higher Yields Consulting has you covered. We’ve partnered with top financial institutions that are ready and willing to work with your business and provide the services you need.

HOW MARIJUANA BANKING WORKS

 

The first step is doing an evaluation of your cannabis business to examine whether or not it is in compliance with FINCEN (Financial Crimes Enforcement Network). Once your business has successfully completed this process, we submit your information to participating financial institutions and work to find the best one that suits your needs.

We then provide the support and services based on your business needs. This includes monitoring your account and integrating and syncing your POS for reporting and verification by your new financial institution.

KEY BENEFITS OF MARIJUANA BUSINESS BANKING SERVICES

 

We foster a direct banking relationship with an established financial institution. This gives you access to checking and savings accounts with check writing, in addition to armored carrier services and vaulting for your cash.

You will also have access to tax and payroll services that allow you to not only pay your employees with actual paychecks and potentially direct-deposit, but also easily withhold for taxes and avoid any penalties associated with paying for your taxes with cash.

All of this allows you to run your cannabis business more effectively and safely. With the increased security of depositing your daily receipts, minimizing the amount of cash passing through hands at your business, and receiving an ongoing level of service that is in compliance with FINCEN, you can focus on what matters most: growing your business and offering a superior level of quality and service to your customers.

Contact us from Higher Yields Consulting to establish banking stability for your business.

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Higher Yields Cannabis Consulting

Higher Yields Cannabis Consulting

Higher Yields Consulting is a Marijuana Consulting Group comprised of industry experts with decades of combined experience in the legal industry. Whether you are looking to get into the business or already have a license we can help your business succeed. Call (844) HI-YIELD to schedule a free initial consultation.

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Michigan Welcomes Cannabis Banking Services

cannabis banking michigan

Michigan Welcomes Cannabis Banking Services

Banking Will Make Or Break Your Cannabis Business In Michigan

 

The Michigan Medical Marijuana Licensing Board has yet to award a single license for marijuana businesses in the state.

The state’s law regulating the medical marijuana market was passed over 18 months ago, and in the six months since the state’s regulatory agency began accepting applications, medical marijuana is still not open for business.

There are a number of factors for why no license has been awarded, however one of the largest roadblocks is that marijuana business owners are finding it difficult to access to traditional banking services.

Michigan lawmakers project that cannabis could grow up to $837 million dollars in the first year, but with nowhere to secure their cash, many businesses are struggling to stay above board.

Thankfully, as the industry has matured in other states, cannabis businesses now have access to traditional, regulated, banking services, which gives business owners peace of mind knowing that their money is secure.

Securing your money may make the difference between whether or not your cannabis business is awarded a license by the Michigan Medical Marijuana Licensing Board.

If you need banking, Higher Yields Consulting has you covered. We’ve partnered with top financial institutions that are ready and willing to work with your business and provide the services you need.

HOW CANNABIS BANKING WORKS

 

The first step is doing an evaluation of your cannabis business to examine whether or not it is in compliance with FINCEN (Financial Crimes Enforcement Network). Once you’ve successfully completed this process, we submit your information to participating financial institutions and work to find the best one that suits your needs.

We then provide the support and services based on your business needs. This includes monitoring your account and integrating and syncing your POS for reporting and verification by your new financial institution.

KEY BENEFITS of CRB BANKING

 

We foster a direct banking relationship with an established financial institution. This gives you access to checking and savings accounts with check writing, in addition to armored carrier services and vaulting for your cash.

You will also have access to tax and payroll services that allow you to not only pay your employees with actual paychecks and potentially direct-deposit, but also easily withhold for taxes and avoid any penalties associated with paying for your taxes with cash.

Contact us to get your business financial stability today. 

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Higher Yields Cannabis Consulting

Higher Yields Cannabis Consulting

Higher Yields Consulting is a Marijuana Consulting Group comprised of industry experts with decades of combined experience in the legal industry. Whether you are looking to get into the business or already have a license we can help your business succeed. Call (844) HI-YIELD to schedule a free initial consultation.

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Cannabis Banking Services in Nevada

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Cannabis Banking Services in Nevada

Blast The Barriers In The Nevada Cannabis Industry With Regulated Banking

 

After only 10 months into the fiscal year, cannabis is a $434 million industry in Nevada. The economic potential is staggering, however many marijuana businesses face major hurdles and security concerns when it comes to stashing their cash.

The projected revenue for the US cannabis industry is expected to exceed $10 billion in 2018. With so much money passing hands, it’s incredible to consider that the industry is still mostly cash-operated.

The unfortunate fact is that many traditional financial institutions simply aren’t willing to work with marijuana businesses, and the difference between a business being awarded a license may come down to whether or not they have legitimate banking services.

One of the largest challenges facing business owners in the cannabis industry is securing their capital. For years, businesses have not had a reliable solution to their banking needs and had to rely on cash-only transactions to sell their products.

Operating a cash-only marijuana business not only creates a lot of barriers to financial security and the needs of running a modern, successful company, but also increases the risk of crime, money laundering, financial corruption, and the violation of state marijuana laws and regulations.

Thankfully, as the industry has matured, cannabis businesses now have access to traditional banking models that are regulated, which gives business owners peace of mind knowing that their money is secure.

If your marijuana business needs banking services, Higher Yields Consulting has you covered. We’ve partnered with top financial institutions that are ready and willing to work with your business and provide the services you need.

HOW CANNABIS BANKING WORKS IN NEVADA

 

The first step is doing an evaluation of your cannabis business to examine whether or not it is in compliance with FINCEN (Financial Crimes Enforcement Network). Once your business has successfully completed this process, we submit your information to participating financial institutions and work to find the best one that suits your needs.

We then provide the support and services based on your business needs. This includes monitoring your account and integrating and syncing your POS for reporting and verification by your new financial institution.

KEY BENEFITS OF CRB BANKING SERVICES

 

We foster a direct banking relationship with an established financial institution. This gives you access to checking and savings accounts with check writing, in addition to armored carrier services and vaulting for your cash.

Contact Higher Yields Consulting to help evaluate your banking needs. 

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Higher Yields Cannabis Consulting

Higher Yields Cannabis Consulting

Higher Yields Consulting is a Marijuana Consulting Group comprised of industry experts with decades of combined experience in the legal industry. Whether you are looking to get into the business or already have a license we can help your business succeed. Call (844) HI-YIELD to schedule a free initial consultation.

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Massachusetts Cannabis Related Business Banking Services

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Massachusetts Cannabis Related Business Banking Services

The Massachusetts Cannabis Control Commission began issuing its first recreational licenses to marijuana businesses this week, however non-medical sales are likely weeks away.

The state has seen a slow roll-out of its new recreational cannabis law, much in part due to the reluctance of banks and traditional lenders to work with marijuana businesses.

Because of this, industry executives predict that less than a dozen cannabis retail locations will open in Massachusetts before the end of July. However, if you plan to open a retail location or other cannabis business in the Bay State, you can jump ahead of the competition and have access to traditional, regulated banking models that secures your cash and gives you peace of mind to run your business.

Higher Yields Consulting has your banking needs covered. We’ve partnered with top financial institutions that are ready and willing to work with your business and provide the services you need.

HOW CANNABIS BANKING WORKS

 

The first step is doing an evaluation of your cannabis business to examine whether or not it is in compliance with FINCEN (Financial Crimes Enforcement Network). Once you’ve successfully completed this process, we submit your information to participating financial institutions and work to find the best one that suits your needs.

We then provide the support and services based on your business needs. This includes monitoring your account and integrating and syncing your POS for reporting and verification by your new financial institution.

KEY BENEFITS OF CRB BANKING

 

We foster a direct banking relationship with an established financial institution. This gives you access to checking and savings accounts with check writing, in addition to armored carrier services and vaulting for your cash.

You will also have access to tax and payroll services that allow you to not only pay your employees with actual paychecks and potentially direct-deposit, but also easily withhold for taxes and avoid any penalties associated with paying for your taxes with cash.

All of this allows you to run your cannabis business more effectively and safely. With the increased security of depositing your daily receipts, minimizing the amount of cash passing through hands at your business, and receiving an ongoing level of service that is in compliance with FINCEN, you can focus on what matters most: growing your business and offering a superior level of quality and service to your customers.

Contact us at Higher Yields Consulting to get your business a banking account today

Share this Article

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Higher Yields Cannabis Consulting

Higher Yields Cannabis Consulting

Higher Yields Consulting is a Marijuana Consulting Group comprised of industry experts with decades of combined experience in the legal industry. Whether you are looking to get into the business or already have a license we can help your business succeed. Call (844) HI-YIELD to schedule a free initial consultation.

The Latest from our cannabis consulting blog