Until federal guidelines change, marijuana retailers will have to deal with apps and websites that resemble loan sharks, bail bonds, and pawn shops. In order for startups to create reputable systems for depositing money earned from the legal sale of marijuana, entrepreneurs need to see a solution to Federal money laundering statutes.
Until that day happens, ganjapreneurs will have to be creative not only in the marketing of their product, but also in finding a safe and secure home for their profits.
The author goes into some nice detail about how none of the fintech solutions in the marijuana space truly address the underlying restrictions related to banking cash derived from the sale of a controlled substance.
Banks are seemingly more willing to bank monies associated with marijuana sales if there is a detailed audit trail. This is exactly the solution that our Dispensary Automated Cashier seeks to achieve by linking cash payments to a transaction in the dispensary’s MJ POS.