Cannabis Banking in Missouri
Cannabis banking in Missouri is an ongoing challenge for the state and cannabis businesses all over the nation. Medical cannabis is legal in the state of Missouri; however, the state plans to vote for the legalization of adult-use cannabis in November. This raises concern for cannabis business owners because financial institutions are federally regulated and prohibit services to cannabis businesses. As a result, many cannabis businesses operate on a cash-only basis which creates a number of challenges.
For example, the article Marijuana legalization in Missouri raises questions about cannabis banking and explains concerns and common hurdles in the industry. Therefore, Fox News invited Michael Mayes, CEO of Quantum 9 to discuss his experience in cannabis banking.
Fox News Discusses Cannabis Banking in Missouri with Michael Mayes, CEO of Quantum 9
Mayes has over 10 years of experience in the cannabis industry. In the article, he emphasizes the stress that many business owners encounter while handling so much cash. For instance, the article states how transactions surpass more than $60B on legal cannabis products every year and continue to skyrocket. Thus, many cannabis business owners lack access to safe banking institutions. Instead, they utilize small state-run banks and credit unions.
Mayes shares how he lost his cannabis business account in 2009 without warning from the bank. He explains the importance of “cannabis related businesses to be treated like any other business” so that the cannabis industry has access to safe banking solutions. All in all, it’s unclear where banks will stand with cannabis in the coming years. However, the future is hopeful.
Do you need help with your own cannabis business? Check out Quantum 9’s business planning services for more information.