Bengaluru — The US cannabis business has a very particular cash flow problem — too much of it.
Ryan Hale, a US Navy veteran and co-founder of cash management company Operational Security Solutions, had to persuade a weed farmer in California to stop hiding cash in a tree. On another occasion, Hale had to help a bewildered cannabis retailer who had lost count of the dollar bills overflowing from his store’s lockers.
During the last weekend of May 2020, when protests erupted across the US against police brutality and racism after the murder of George Floyd, there were at least 43 attacks on weed dispensaries along the West Coast, according to Cannabis media site Leafly’s review of police reports and business owners’ statements.
The House of Representatives passed a bill in April that would allow cannabis companies to have bank accounts, get loans and accept credit card payments but it may not make it to the Senate because Senate majority leader Chuck Schumer wants to work instead towards lifting the federal ban on cannabis.
Chris Driessen, CEO of pot producer Slang Worldwide, said it cost his company $40,000 to avail of banking services in Colorado, just one of 12 states in which the company operates. Normally, a business checking account will cost less than $100 to open.
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