| “Be Prepared to Pay More. Banks will require prospective clients to bear the cost of their due-diligence inquiry and investigation into the affairs of the cannabis businesses. Additionally, because cannabis accounts require more monitoring, reporting and special attention than other business accounts, set aside extra funds to pay a monthly premium for banking services. This premium will depend on the amount of work the bank has to do in order to confirm compliance and meet its own reporting and compliance requirements. The more organized and transparent the cannabis client is, the easier it will be for the bank to do its job, and thus the fees may not be as high.”
— Gene Markin, partner, Stark & Stark | Read more in Cannabis Dispensary: “3 Banking Tips for Cannabis Businesses”
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| We’re taking Cannabis Conference to a digital format!
This year, Cannabis Conference Virtual (September 15, 22, 29) will explore the biggest opportunities and challenges that face the legal cannabis market—all from the comfort and safety of your home or office.
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