Since Washington state legalized recreational marijuana in 2014, recreational cannabis sales have totaled over $1 billion, translating to more than $250 million collected in new taxes. Such substantial sales, however, have also brought problems for licensees in the form of cash.
Because of marijuana’s federal status as a Schedule I substance, financial institutions continue to deny banking services to state licensed marijuana businesses. Consequently, these businesses have been forced to deal in cash and suffer the sometimes lethal consequences.
There are, however, licensed marijuana businesses who have broken free from cash with the help of third party platforms like PayQwick. Licensed marijuana businesses can now easily access regular businesses bank accounts, cash management and bill pay services and the ability to send and receive electronic payments. These businesses also enjoy the added benefit of compliance services, which keep them operating in line with all of the state’s regulations.
To learn how to break free from cash, marijuana business owners and those considering the marijuana industry can attend CannaCon’s banking panel, “Cashing In On Cannabis – Compliance, Banking and Cash Management” on Friday, February 17, 2017 at 11:30 am in seminar room two. Moderated by MJBA CEO and Co-Founder David Rheins, the panel features industry experts Kenneth Berke, Christine Masse, John Vardaman and Myles Khan.
Ken Berke is the Co-Founder and CEO of PayQwick, a compliance, cash management and electronic payment processing platform that has facilitated regular business bank accounts for over 200 licensed marijuana businesses throughout Washington. He is also an attorney with 29 years of experience and has advocated for the legal marijuana industry before regulators throughout the U.S.
Christine Masse is a partner at Miller Nash Graham & Dunn, where she leads the government and regulatory affairs practice group and specializes in representing businesses in highly regulated industries with their transactional, regulatory, and public policy needs. She also leads the firm’s tribal team, providing counsel to various Northwest Native American tribes and organizations on matters such as marijuana.
Myles Harlow Kahn is a legal officer at Foundry Law. His practice focuses on corporate, entertainment, intellectual property, business development, cannabis and regulatory matters. He is also the owner of Buddy’s in Renton, one of Washington’s most prominent marijuana retailers.
John Vardaman is Executive Vice President & General Counsel of Hypur, makers of technology enabling financial institutions to service cash-intensive businesses in accordance with legal compliance requirements. He helped author the Cole Memorandum, the DOJ document outlining how financial institutions can bank marijuana businesses in states where cannabis has been legalized.