In September 2018, a member of my company’s executive team spoke on Capitol Hill about the lack of financial services available to cannabis companies and the challenges of operating in an all cash environment. Just weeks later, we received notice from one of our financial services providers that it was terminating its relationship with Green Bits because of our own service to the legal cannabis industry.
Green Bits is technically what is known as an ancillary cannabis company, meaning nothing we do touches the cannabis plant at all. Instead, we help cannabis retailers and dispensaries manage their businesses and stay compliant with state laws. We are a step removed from any activity that the US government would declare illegal under the Controlled Substances Act. Yet, we are subject to the same heightened scrutiny, and financial services institutions have the same aversion to working with us as they do with companies that actually grow and sell legal cannabis products.
– Read the entire article at Forbes.