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Banking in the Marijuana Industry

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Banking in the Marijuana Industry

By: marijuanastocks.com/wolfofweedstreet.com

No matter what type of business venture one might set out on, having enough capital to reinvest back into the business has always been a concern. Especially when it involves banks and loans in regards to the cannabis industry. In recent details, certain banks have been actively aware about engaging in the financing of marijuana related businesses, according to information provided from the Financial Crimes Enforcement Network. Though many financial institutions tend to keep a distance from cannabis related accounts.

The term “marijuana limited” is being used with banks as a phrase that allows banks to identify provided services to customers in the marijuana business. It has been filed from 25 states since last February when the agency of the U.S. Department of Treasury released this information to various financial institutions. With new information from a Freedom of Information Act request by anti- money laundering professionals Alison Jimenez, president of Dynamic Securities Analytics, as well as Steven Kemmerling, chief executive and founder of Enhanced Compliance Solutions.
What most banks conflict with are the banking services due to issues regarding state and federal laws on the substance and foul play with clients. “It’s positive news. I think it indicates there’s some slight opening of financial services to marijuana-related businesses,” stated Mr. Kemmerling.

With many banks closing all marijuana related accounts do to suspicious activity. There has been an estimated of 1,300 suspicious activity reports from filers in 42 states including the District of Columbia used the phrase “marijuana termination”. This term is s being used when filing a suspicious report to go through the process of cutting off a relationship with a cannabis related business. Yet the phrase “marijuana priority”, which is defined as activity that may violate state law or fall fewer than one of the Justice Department’s priorities for cannabis enforcement had only 313 reports that were filed.

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