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Can I get your feedback?

Good Morning All,

I hope you enjoyed the weekend!

The BDM Firm is always looking at growing a healthy network of partners to help the growth of an industry.

I am currently in negotiations with a firm that claims they can provide legitimate merchant processing and bank accounts with Tier 1 banks for the whole Cannabis Industry. Currently, they are supporting the following states, California, Colorado, Nevada, Oregon & Washington.

Do you see this as a valuable solution for your business?

I look forward to hearing back from you.

3 Likes

I think many people would be interested in the specifics. What advantages would these particular bank accounts provide?

Hello Hunter,

Great question. I just went to the supplier to get my full response. Read below.

  • Tier 1 US Bank providing Full Business Banking and Investment Services prioritized for our Partner Merchants
  • Our Partner Merchant Dispensary Works Directly with Major Bank once Pre-Application and NDA is Returned
    
  • Bank has Allocated Dedicated Personal to Service Dispensary Banking Needs Properly
    
  • Pricing and Services are Tailor Made to Qualified Dispensary Requirements Directly with Major Bank
    
  • Service Available in All Legal US States
    
  • Bank can take Any and All Dispensary Cash Deposits
    
  • All Deposits are Fully Insured (No Maximum)
    
  • Approved Dispensary will get Business Operating Account for its Daily Business Requirements
    
  • In-Branch DAILY Deposits Allowed at the local Bank Branch up to $5,000.00 per Day per Account, Multiple Accounts can be Opened and Deposits Made to Each Daily.
    
  • No Limits on Legal and Qualified Cash Deposits Made to the Bank Amounts over $20,000.00, but must be Securely Delivered and Scheduled
    
  • As for the merchant account benefit, they are the ONLY agreement that says MMJ is accepted in paragraph 15 of their application.
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That’s great to see a bank opening up to this market. Are they willing to work both with medical and recreational operations?

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Thank you for your feedback. Yes they support both…

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Yes, this would be very good for the industry if it all pans out. The problem is there are a lot of pipe dreams related to cannabis and banking. So many people seem to say that they just found the solution or they’re on the cusp of making it happen and then hit a road block before they can really provide value and service the industry. If this company truly can do what they say, I see it as a big boon.

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Thanks Nate.

I will let you know how it goes when all is signed off.

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Here’s an example of one I was really hoping to change the industry in terms of banking. And right as they seemed to hit their stride, they had to close all of their cannabis accounts: http://www.wweek.com/portland/blog-33062-mbank-is-closing-its-marijuana-bank-accounts.html

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Thanks Nate. What I understand is the cost of compliance
that’s the main issue
BSA compliance. And this solution manages the BSA Compliance.

1 Like