420 with CNW – 5 Banking Options Marijuana Companies Can Explore

420 with CNW – 5 Banking Options Marijuana Companies Can Explore

Every month, many marijuana companies across the U.S. have to move physical cash from their premises in order to pay for utilities and other needed supplies and this is a common practice among marijuana businesses. Although marijuana is legal in most states in the U.S., banks that are federally insured have prohibited the opening of accounts for cannabis businesses. This is because they are afraid of being accused of criminal activity since federally, marijuana is a controlled substance under Schedule 1 of the Controlled Substances Act. The refusal of banks to conduct business with weed businesses has left them with no alternative but to operate on a cash basis. For example, NUG is licensed to cultivate and manufacture marijuana products in its facilities in California, and since it cannot deposit the money in the banks, the only way to safeguard it is to keep it in locked vaults. The founder and CEO of NUG, John Oram, said that the company headquarters is set up like a casino as it has vaults and electric notes counters. He also noted that a minimum of two employees must be present when a transaction is taking place. Oram further said that the company hired…

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