May 282014
 May 28, 2014

Nevada medical Marijuana dispensariesThe banking industry has given the cannabis industry headaches since the very beginning of the cannabis industry. Banks and credit unions have long shunned cannabis businesses for fear of federal backlash. This has led to issues for the cannabis industry, largely due to the fact that cannabis businesses deal with a lot of cash transactions.

The cash from those transactions piles up. Other industries that deal with high volume cash transactions store that money in the bank as soon as they can, and usually earn a decent interest rate for doing so. Unfortunately, most cannabis businesses don’t have that luxury. Enormous piles of cash lying around creates public safety issues, as well as logistical issues for the company. Fortunately for the emerging cannabis industry in Nevada, they won’t have to deal with that problem.

From KNPR:

John Sullivan, president and CEO of First Security Bank of Nevada, told KNPR in an interview Friday that he approached his board of directors with the idea of banking medical marijuana businesses a couple of months ago. He said they’ve looked at the federal guidelines and banking regulations and felt that banking the marijuana industry was a safe and valuable new line of business for the community bank.

“Our willingness to work with the applicants who intend to get into the marijuana-related businesses arises from our attitude that we should serve all of the customers in our market,” Sullivan said.”

Colorado recently passed a measure that would help set up a banking industry. At least two credit unions in Washington State have said that they plan to accept cannabis industry customers. You can now add First Security Bank of Nevada to that growing list. While this is a good thing, what is truly needed is comprehensive reform at the federal level. Guidelines, like those recently issued by the Obama Administration, are confusing and create more questions than answers. It’s time the United States gave the cannabis industry the same rights and privileges that are afforded to other legitimate industries, banking and otherwise.

The International Cannabis Business Conference will cover banking issues at our conference in Portland, Oregon, on September 13th-14th. Get your tickets at the early bird price before they sell out.

Source: International Cannabis Business Conference

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About Anthony Johnson

Anthony Johnson is the director of New Approach Oregon, the PAC responsible for Measure 91, that ended cannabis prohibition for all Oregon adults in 2014. In addition to helping organize the International Cannabis Business Conference & the Oregon Medical Marijuana Business Conference, he also serves as a Board Member of the National Cannabis Coalition, working to legalize cannabis across the country and Show-Me Cannabis Regulation, an organization specifically working to end cannabis prohibition in Missouri.As President of the University of Missouri Law School ACLU Chapter, Anthony co-authored the measures that legalized medical cannabis possession and decriminalized personal possession for all adults within the city limits of Columbia, Missouri, in 2004. Following law school, Anthony practiced criminal defense for two years before working full time in the political field to help improve and protect civil liberties.You can follow Anthony on Twitter and also friend him on Facebook by following the links below as he posts mostly about civil liberties and politics with dashes of sports, music, movies and whatnot.
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  One Response to “First Security Bank Of Nevada Will Work With The Cannabis Industry”

  1.  

    What banks accept marijuana business money?

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