California State Treasurer John Chiang created a 16-member group made up of bankers, cannabis industry leaders and elected officials to work on definine the banking problem and crafting some solutions.
“If you don’t create some type of resolution, we’re going to have massive issues in regards to public safety, in regards to money laundering, tax evasion,” said John Chiang.
“I think it’s important you have transparency and accountability in the business operations,” said Chiang.
“With a lot of money changing hands, the state wants to make sure it’s done legally, through financial institutions.”
In order for banks to feel comfortable accepting cash from MRBs they’re going to need to verify the source of funds. That’s where our Automated Cashier comes in.
We associated every bill with an order in your marijuana POS and provide irrefutable source of funds to your financial institution. This need applies to any MRB looking to utilize traditional banking services.