Why can’t my cannabis company get a bank account?
Why did I loose my bank account for my cannabis company?
How did the bank know I was using my personal bank account to run my cannabis company?
Because cannabis is federally illegal and banks are federally insured, banks choose not allow cannabis companies to have accounts.
Although you may find banking services within your State, these accounts are not federally insured and cost cannabis business owners hundreds even thousands of dollars.
How does the bank know you are a cannabis company if you are banking out of your own personal account or another business not tied to the cannabis company?
Payroll is usually the activity that gives the bank all the evidence they need to close your account… why?
When your payroll taxes are deducted out of your bank account the government deducts the amount out of your account under the business name the taxes are owed for. You would think that it would show up IRS or US Treasury, but it doesn’t, it shows up the company’s name that taxes are owed for.
Contact a dispense guide @ DispenseGuide.com for help with this issue and more today.
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Heather soaks up the sun and cannabis conversation at SoCal’s beloved Emerald Exchange event.
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“We are here at the Emerald Exchange at an incredible venue in Malibu,” says Heather Hoffman. “We’re going to be walking around visiting different cannabis companies and seeing what’s new in the industry.” In the latest episode of Wellness with Heather Hoffman, the host tours SoCal’s beloved Emerald Exchange and chats with top cannabis companies like ClubM, AbsoluteXtracts, Green Goat Family of Farms, Anima Mundi Herbals and Kotuku Elixirs. “[This is] such an incredible event with so many people and products. I see it as the future.”
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