Ep. 35: Challenges in Banking for Cannabis Businesses

Cannabis is largely a cash-based industry. Banking barriers make it risky and difficult for your clients to stay compliant and safe, despite how badly they try to be legit.

How do you help your clients optimize tax benefits when operating mostly in cash? How do you manage your own banking when you work in a federally ‘illegal” industry so you aren’t accused of money laundering?

This podcast covers pressing banking questions like these asked by our VIP members in our private FB group.

You’ll learn about the risks Cannabis businesses face without a proper banking account:

Vaults on-site full of cash and paying all taxes, bills, and employees with cash

1 out of ever 2 Cannabis dispensaries are robbed or burglarized

Lack of a paper trail for ease of tax purposes and tracking inventory

You will also learn the landscape of current Cannabis banking availability (or lack thereof) and what your current options are to protect yourself and your clients. We also focus on discussing:

Stringent segregation of duties and staff to prevent fraud

Daily and monthly procedures and controls put in place to protect the cash

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If you would like to download the free guide I mentioned, just download “Accountant’s Guide to Managing Your Client’s Cannabis Accounting Needs” by clicking here: http://bit.ly/384XNdJ