Banking Overview for Cannabis Companies
July 12, 2016 by Derek Davis
At California Cannabis CPA, we are fortunate enough to have many growing Cannabis Companies come to us to handle their tax and financial needs. Unfortunately, a huge grey area that our clients face relate to banking and money. Hopefully this post will help answer those questions and provide the information you need to thrive in this new industry.
The Financial Crimes Enforcement Network (“FinCEN”) issued guidance to clarify the Bank Secrecy Act (“BSA”) expectations for financial institutions that seek to provide banking services to marijuana-related businesses.
These updates were made because there is much confusion among the nation’s financial institutions on how to legally conduct business with marijuana-related businesses. As of 2016, certain marijuana-related activities have been legalized in 25 states and the District of Columbia.
He goes on to discuss
The Cole Memo
Guidance for Financial Institutions
Marijuana Limited” SAR Filing.
“Marijuana Priority” SAR Filing.
“Marijuana Termination” SAR Filing.
What Are the Banking Alternatives for Dispensary Owners?
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