Millions if not Billions of U.S. Dollars exchanged hands last year as the Cannabis Industry exploded higher. This year, 2017, it is expected to be even more. While it might sound promising, the cannabis industry is still encountering significant problems and hurdles, causing businesses to struggle to get their feet off the ground.
One of the biggest challenges today is banking. As of now, Federal law prohibits banks and credit unions from taking marijuana money. Big banks simply refuse to touch the industry, and smaller banks just won’t risk their reputation.
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Is it a Nation Wide Problem?
Well if you’ve recently walked down to any local dispensary you’ve probably noticed that most of them are cash-only. You might immediately think, “Hell Yeah! Cash is King”, but that is not the case. Most of these businesses would give an arm and a leg to have a secure banking system hold their money.
Furthermore, dealing in cash has its risks. These businesses are forced to deal only in cash, taxes will sometimes be higher, and cannabis businesses are always encountering high expenses, using unmarked secure vehicles, hiring 24-hour security and installing safes and vaults. All of these things add up.
While some states have more tolerant attitudes towards the cannabis industry, the fact that it is still illegal on a Federal level makes having a physical cannabis business challenging
What’s the Solution?
If you want to cash-in on this industry and are thinking of opening a dispensary, delivery service or any other physical business then make sure you know the risks and expenses involved.
For most of you that are thinking of creative ways to make money from this industry, sometimes it’s best to get involved in Complementary Goods.
For example, you might decide to open an online store and sell iPhone cases that have marijuana designs on them. As long as you are not directly selling the product, you shouldn’t have a problem once the money starts rolling in.
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