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.
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.
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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