No business can operate without funding or working with some type of financial institution. For cannabis-related businesses, however, this aspect of their operations can be challenging since cannabis is considered illegal at the federal level and banks are federally regulated. This can preclude cannabis-based businesses from using credit cards or depositing funds in many banking institutions.
To circumvent this issue, many cannabis companies are cash-based, but there are still stringent requirements to follow when serving these entities.
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
