A new solution for medical marijuana businesses may be floating on the horizon. Since the recent push for the legalization of medical marijuana in certain states began, those who have ventured to start a business have encountered the same recurring issue – marijuana is still illegal on the federal level. This being the case, funding can be difficult if not impossible to find.
Regardless of medical marijuana being legal in Colorado and 22 other states, some marijuana store owners have had twenty plus bank accounts closed over time due to the nature of their business. As a result, the majority of these entrepreneurs are forced to operate as an all-cash business. It goes without saying that operating in such a way can be very dangerous. It is also time consuming and costly.
Fortunately, a new credit union been formed specifically for marijuana businesses promises to change things for the industry. The Fourth Corner Credit Union has a support group of attorneys, legalization advocates and business owners who see the potential of the industry; unlike the traditional bank owners who only see endless legal problems.
With this new credit union, business owners can expect to have safe and steady business accounts. They will no longer struggle to keep one as before and be forced to operate with cash only. They will also save considerable amounts of time since tracking cash and double checking ledgers will no longer be necessary.
The business will be not only be easier for the owners but also for the employees. For those without bank accounts, issuing paychecks is impossible. Wads of cash have to be sent home with employees on their pay days.
The fact that so much cash is lying around – and criminals are aware of this – makes it very dangerous for both employees and owners. Safety will be one of the biggest advantages of the new credit union and what it has to offer businesses. Moving cash to discreet locations for the safety of employees and customers will no longer be necessary.
The credit union means government regulation of businesses will be possible; thus, greater transparency and the ability to accept credit cards. Like never before, the government will be able to monitor for drug cartel activity. The operation of medical marijuana businesses will become a little smoother for all involved.
In the meantime, another option for businesses to consider is finding a payment processing provider that offers medical marijuana merchant accounts. These providers are comfortable with the “high risk” aspect of the marijuana industry and offer safe solutions. With marijuana-merchant-account.com, the application process is simple and hassle-free. You can steer clear of the endless documentation requirements and obtain your funds quickly.
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