We have begun to successfully help our clients get bank accounts here in Oregon. How are your currently doing your banking?
@jackie that is good to hear! What banks are you currently using?
Terrific. Right now we are flying under the radar, but as soon as our next harvest comes in, I think my local bank will figure out what we’re doing and close our account. I would love to talk with you and see if you may be able to help us. FYI, we’re located in Gold Beach (Curry County) Oregon.
the only bank right in Oregon is MAPS Credit Union. They are very swamped with applications at the moment and they have a limited service area.
We only have one game is the state at the moment - MAPS Credit Union.
@jackie thank you for sharing!
Thanks for that. I checked with them a few months ago and we’re out of their area.
Banking is a serious problem, especially for growers. I feel like most the solutions out there that I have seen with credit unions or even starting your own bank…are simply put “giant safes” with paid security. I mean banking as far as cannabis is concerned isn’t really offering the solutions for the organization or the consumer that everyone wants to see.
Not to mention the looming threat that any activity can be determined to be illegal under the AML laws at anytime the fed wants to.
Now personally, and maybe I am a bit of an optimist I don’t see that happening… I see this thing going forward and this particular issue being resolved. We just need to be patient and father time will take care of all this.
I’m curious as to what this community is doing with their revenue if they do not have a bank? I’m from the area of the gold rush, our parents taught us to grow, sell, and buy gold and bury it!! As our organization grows on here and word spreads about our product I have plans to solve all of our “problems” of giant piles of gold buried around the ranch, turning it to worthless numbers in a giant computer system allowing you to use plastic or write on crappy paper to buy things like the rest of our bland, cookie cutter, conformist population does… but again that is something to leave to father time as he and “mother nature” in our bottles help to get the word out.
Unfortunately - most of the world uses banks and it really a disadvantage to not have a bank. The potential for theft is just too great. Continuing as a 100% cash business is extremely difficult to maintain compliance with all federal and state regulations. The business who do the work to be accepted into the available banking system have more opportunities for growth.
I agree with you 100%… It’s just some people like rogue and many many
many others don’t have the luxury… as of yet…to do the work and be
accepted into the banking system. I am optimistic about this movement as I
was as a kid checking out the medical movement in oaksterdam rocking my
OCBC card back in the day. It’s just not attainable for some country
farmers. I agree with you completely, if all it takes is a little extra
effort then get your foot in the door. That is kind of what I meant when I
said the following… It’s just sometimes I can come across a little
confusing in my spurts of writing…I said " Now personally, and maybe I am
a bit of an optimist I don’t see that happening… I see this thing going
forward and this particular issue being resolved. We just need to be
patient and father time will take care of all this." Although there is
still a threat to be targeted so the whole thing is a double edged
sword…damned if you do damned if you don’t… I just wanted to say thank
you for being available for those who can use your services and sorry if
what I was writing seemed to be in disagreement with what you are doing. If
anything my negativity was against banking and the financial system as a
whole…which is a whole other beast and something we all take part in…
Like it or not. I’m just kind of a rebel like that. A dreamer for an
entirely different way of human existence but still grounded in the fact
that this is what it is and figuring my own ways to make it work for myself
Also it is highly likely that I am ignorant on this whole topic as I am not involved with it on the level of dispensaries or legal growers so I apologize for that as well. I haven’t done much reading or research on this topic.
Unfortunately I am finding that most folks outside of the banking system do not understand the potential for other legal troubles when dealing 100% cash. There are regulations related to cash transaction limits that must be followed so as to be able to defend against allegations of money laundering - which I see as a bigger threat that the Feds coming in to bust a cannabis business.
I totally understand that small farmers cannot afford the exorbitant prices for a legit business banking account - it’s not just the bank fees but the additional financial reporting requirements to have such an account when you are in the cannabis industry.
The Governor in Oregon signed legislation earlier this year to protect Oregon Chartered banks who provide services to the industry but so far only the one credit union has taken up the accounts. These bankers are missing out on a tremendous niche market that will be loyal long after Cannabis is federally legal.
Anyone know of any banks in California that are accepting accounts?
I don’t know of any just yet but I have a fellow CPA in CA that I can ask. I will let you know what I find out!