Marijuana Inventory Tracker Seeds Trust In New Ventures

WASHINGTON:  The business of dispensing legal marijuana is in its infancy, where it is likely to stay unless regulators, bankers and newly licensed sellers have technology in place for tracking the sales activity, compliance and the credit worthiness of the new businesses.

Lately, new tools have become available that would allow banks to become more informed about the how licensed marijuana vendors operate, a key to gauging the risk they will take on in supporting the new businesses.

“Currently, banks are not taking cash deposits due to fears of money laundering and the potential illegality of the product,” said  Steven Siegel, chief executive officer of BioTrackTHC, a marijuana point-of-sale system that can track and synchronize cash flows with supply chain.

Early this year, the Justice and Treasury departments gave banks permission to work with legal marijuana vendors under the condition that information be made available on how well the vendors were following regulations for the new industry.

 

Read full article @ GCN