Kevin Hart, founder and CEO of Green Check, led a panel called “Bank In Your Own Building: Optimize Your Cash Flow” at Benzinga’s Cannabis Conference. Hart shared that at the beginning of cannabis legalization, it was nearly impossible to get banks or credit unions to even meet with cannabis companies.
When companies would get meetings, they were met with outrageous rates. In many ways, the cannabis industry has had to adapt and be very innovative with banking to get around the red tape. One thing that became popular was the idea of banking in your own building. This looks like getting 100% provisional credit based on the company’s sales that day without the money having been moved. This concept is starting to be more widely adopted.
Interested in learning more about the Benzinga Cannabis Capital Conference? Get more information here.
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Cannabis rescheduling seems to be right around the corner
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