Marijuana cash is a problem for Illinois tax collection
Michael Mayes is a successful cannabis business person that has been working within the cannabis industry since 2009. However, he first started working in cannabis in Denver, Colorado where Marijuana Cash became a huge issue.
In Denver, he honed his skills by helping Critical Mass Industrial (CMI) scale to a 90,000 sq ft cultivation center with two medical cannabis retail dispensaries. During his time at CMI, annual revenue passed $7M, all Marijuana Cash.
Banking was a huge issue. All the marijuana cash had to find it’s way into the banking system. It wasn’t until 2016 when “legal” banking started to appear in Colorado.
Retail Marijuana Businesses
Michael discusses his ups and downs with Marijuana Cash. The banking system allows you to deposit up to $10,000 in cash — anything above that the deposit becomes flagged. An investigation is conducted to determine if the account is a retail marijuana business (RMB). RMBs could lose their status with the bank.
That is where things got interesting. There is a tipping point in the industry right now. Since the most recent legalization with the Farm Bill 2018, the doors have blown open. Companies like Canopy Growth are even entering the US market. Banking is the next big area that will need to be reformed to ensure the health and wealth of the industry. Michael Mayes has been an industry expert helping companies navigate through the crazy cannabis industry.
In conclusion, the industry is headed up. However, there are a ton of issues that still need to be addressed. Michael Mayes is working on the forefront of the industry to address these issues, but a lot of work needs to be done.