ORION GROUP NYC can now introduce licensed operators to compliant, transparent stable depository local banking in California, Nevada, Florida, Louisiana, Maryland, DC, Pennsylvania, Ohio, Michigan, New Jersey, Colorado, Oregon, Washington, Arkansas, Massachusetts, Alaska and Arizona. A few of the financial institutions in our network are also willing to conditionally welcome marijuana related businesses (MRBs) from outside their home state, so we can often provide service to companies located in other states as well.
Since we are committed to building our bandwidth of cooperating compliant banks across the country to provide service to the entire industry by 3/Q 2018 at the latest, additional financial institutions are coming on board all the time.
By both regulation and written guidance (FinCen, Cole and Rohrbacher/Blumenauer) the banks are required by Federal and State examiners, as well as the
US Depts of Justice and Treasury (FinCen) to undertake rigorous and effective measures to assure the following:
ORION GROUP NYC assists both financial institutions and MRBs in establishing and auditing adequate, cost-effective compliance programs with based upon business type. We can provide an inexpensive mobile compliance scoring app with predictive AI to monitor over 200 data points specific to state and business type so either you or the bank can both monitor and improve compliance on an ongoing basis.
It has become clear that a MRB’s long-term sustainability is directly proportional to the quality and transparency of its compliance and accountability and ORION GROUP NYC is committed to helping you achieve this goal.
In applying for a compliant bank account, be prepared to undergo a 3-4 week rigorous process of due diligence and reporting, including a mandatory onsite compliance inspection of all licensed facilities. The process generally requires initial application, advisory and compliance fees and often a minimum advance (refundable) account deposit. There are also logistics costs associated with securely moving cash deposits. Ongoing account maintenance fees are usually a percentage of deposits (generally ranging from 0.25% - 2.5%) with a monthly minimum and maximum per account.
ORION GROUP NYC is your advocate and expert guide supporting you through the initial onboarding and due diligence phases to cost-effectively achieve your principal goal: stable, transparent, simplified banking. And we'll provide you the tools and guidance for long-term sustainability.
Once a compliant bank account is established, ORION GROUP NYC can provide a variety of (now-compliant) electronic (cash-free) payment solutions, including MasterCard, Visa, American Express, Discover & JCB, as well as electronic ‘wallet’ programs and electronic check apps. We’ll work with you to implement the optimal package for your specific circumstances, especially since market pricing currently ranges from roughly 2.9% to 8.5%, with 3-6 month rolling reserves of between 0%-10%
ORION GROUP NYC
Marijuana Related Businesses
EXPRESS CONTACT: (212) 724 7777