Mar 11, 2021, 17:37 PM
Many CRBs (cannabis related businesses) are forced to rely on cash transactions. Aery Group recognizes that working in a cash-heavy industry is wrought with dangers – not only for CRB owners, but to their customers, vendors, couriers, and employees. Operating in an all-cash world creates a potential crisis for dispensary owners, growers, and others in the business. While US Eagle and Aery Group do not have an opinion on the legalization of cannabis, we understand the challenges that existing CRB operators face in serving the state Medical Cannabis Program’s enormous growth.
In the 13 years that New Mexico’s Medical Cannabis Program has issued medical cards, the number of active cardholding patients in the program has increased by an average of 20% annually. As of January 31, 2021, New Mexico’s Department of Health reported that the state's Medical Cannabis Program has 107,371 active patients, compared to 81,771 in January 2020 – an increase of more than 31%. CRB sales in the state continue at similar growth rates, bucking the COVID-19 recession. Marijuana Business Daily reports the sales of medical marijuana in New Mexico doubled to $200 million in 2020.
As this growth continues, New Mexico’s CRBs and hemp producers will be focused on meeting the increasing demand while simultaneously adhering to the maze of regulations involved in banking their operations. Aery group can be that financial partner to help them succeed.
Aery Group offers a safe, compliant, and legal choice for financial services that every legal business in New Mexico deserves. CRBs need account services and payment platforms that all of today’s nimble businesses utilize. If not for their safety, then surely for their customers’ benefit.
Big changes are coming for New Mexico, with several bills moving through the legislature in 2021 that could change the face of the cannabis industry in the state. Aery Group is here to ensure that the growing industry will have a safe, secure, banking option so that CRBs don’t have to worry about handling cash: that’s our job.