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Essential Stewards of Commerce
Due to the perception of (as opposed to actual and practical) risk of banking the cannabis industry, largely based upon misinformation or a deliberate lack of information as well as ingrained prejudice against marijuana, US financial institutions forsaking their role in the financial system as essential stewards of commerce, are nearly universally unwilling to open accounts or provide basic banking service to marijuana-related businesses (MRBs) or ancillaries who provide services to them.
As a result except for a lucky few, most are either forced to operate entirely in cash, or seek a ‘covert’ (some would say fraudulent) checking account, merchant processing, ‘cashless ATM’ or ‘electronic wallet’ workaround under an innocuous guise, e.g., a flower shop or consulting company and expect to have their account closed and be obliged to find an alternative solution 3x-4x a year.
James Cole, former DOJ Deputy AG and author of the 'Cole Memo" had this to say in an interview with John Schroyer of Marijuana Business Daily on July 27, 2016:
"The area that concerns me the most going forward is the topic of my third memo, which is banking. The last thing you really want here is a cash business, because there’s a lot of cash involved, and what that breeds is armed conflict, because people are either trying to steal the cash or they’re trying to protect the cash, because they can’t avail themselves of banking. And that generally involves the use of weapons, which is a big danger for public safety.
That’s why both FinCEN and I issued memos together saying, “ Banks, go ahead and do this, we want the banking to go forward. ”"
ORION GROUP NYC is building a network of cannabis-friendly financial institutions to service all segments of this multi-billion dollar industry and put an end to this chaos as soon as possible. We currently have sufficient infrastructure in place to service about 10% of the roughly 25,000 licensed and ancillary enterprises across the country seeking to at last obtain a cost-effective Federal and State
compliant, transparent, stable bank account and major credit card payment solution.
CONTACT US TODAY AND ENJOY THE PEACE OF MIND OF A REAL, COMPLIANT, TRANSPARENT BANK ACCOUNT THIS MONTH!
*Ask about special pricing for California and Nevada licensees*
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