Blog

By Sundie Seefried, CEO of Safe Harbor Private Banking After Colorado voters approved the sale and use of medicinal and recreational cannabis, the state's landscape changed Suddenly, dispensaries and grow houses were everywhere, and customers numbered in the hundreds of thousands But, federal laws made it difficult for cannabis businesses to open checking or savings accounts in federally insured financial institutions It was nearly impossible to wire funds, access lines of credit, or maintain payroll accounts The result is an industry that has been forced to pay its bills, employees, suppliers, and taxes in cash Briefcases and backpacks full of cash But, over a year ago, concerned about the risks a cash-based industry poses to public safety, Safe Harbor stepped up with a compliance cannabis banking program to take money off the streets and and offer law-abiding businesses a solution Because lack of banking, and not moving banking access forward, doesn’t just punish marijuana... READ MORE »