Banking a Cannabis Business

Aery Blog Apr 19, 2023

May 18, 2021, 21:49 PM

You're ready to enter the cannabis-related business world, right? You have your business plan, your business license, and you have a location scouted out. You even have some cash to start up. But have you done your homework on the banking end of things?

Running a cannabis business isn't like running other businesses; it comes with specific banking needs and many financial institutions don't want to bother with the maze of legal documentation and accounting reports required to keep cannabis accounts legally compliant. Most financial institutions will close accounts once they learn, or even suspect, their client's money comes from a cannabis-related business, even if the business is legal and operating within state law. Not Aery. We were created to specifically serve the CRB industry, and are backed by the state’s oldest credit union, U.S. Eagle.

Though cash may be king, it can also be a pain. The cannabis industry is rife with the risks associated with cash-only transactions, which creates safety concerns for CRB employees, vendors, and customers. The risk of stashing large amounts of cash, finding ways to transport it safely, and depositing it securely will only increase as the legal sale of cannabis products for adult use is set to begin in less than a year in New Mexico.

As the state cannabis industry grows, so will the tax revenue, and CRBs will have to find secure ways to pay their business fees and taxes. The transparent and compliant banking solutions Aery Group offers will be key for any cannabis-related businesses in New Mexico that needs to operate professionally.

All successful businesses need basic financial services like checking, debit cards and wire transfers. Today, CRBs shouldn't spend resources to handle, juggle, and stash large amounts of cash. Aery Group's experience in providing accountability and compliance for our clients, coupled with the security and safety of cash transport from an approved courier service, and fixed fees, could relieve CRBs from that burden and help them to grow confidence. Aery’s CRB clients have access to cash handling services, wire transfers, debit cards, electronic payment platforms, mobile banking options, and more.

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