WASILLA — With statewide marijuana regulations out and applications in the pipeline, some Alaska retail dispensaries could open as soon as October. But how those businesses will handle their profits, pay state taxes and generally fit into a statewide system of commerce remains to be seen, a banking executive and attorney told the Wasilla Chamber of Commerce Tuesday.
Martin said banks in Alaska have decided collectively not to handle marijuana-related businesses. In Washington and Colorado — states with similar marijuana legalization policies — a few smaller banks have looked to grab some market share of the business. But Martin said those have been placed under intense scrutiny by federal regulators.
As the author points out, in order for banks to be comfortable banking funds derived from marijuana sales, manufacturing or distribution there will be extensive monitoring requirements.
This is where the Dispensary Automated Cashier can help. We work with your MJ POS to tie cash transactions back to an order in the POS so the source of funds can be easily determined by the bank.
Contact us today to learn how we can help with your marijuana banking compliance needs.