Get an Account Before you Get your Producer License

Aery Blog Apr 19, 2023

Aug 25, 2021, 16:16 PM

The state of New Mexico on Tuesday formalized rules for cannabis production in New Mexico. That means that anyone who wants to grow and harvest cannabis in New Mexico can start their application online later this week.

At Aery Group, we know that applying for a license is a big step for any entrepreneur. However, one of the best first steps in business is to get a commercial banking account with the Aery Group before you apply for your license. We now offer Pre-Operational Accounts for those businesses that need a business account, but are not yet licensed.

“These pre-operational accounts provide access to the banking solutions cannabis entrepreneurs need, such as debit cards, checks, and more so you don’t have to pay your vendors or employees in cash,” said Patty Lindley, Director of Compliance at Aery. “As the company gains its permit and begins cannabis related production, sales, etc., we will transition the account into a full cannabis account.”

That means that your employees are safer, your vendors can be paid on time, and with our cash courier partner services, you don’t have to keep cash overnight.

The state requires producers to keep detailed financial records and perform a biennial audit, as well as keep track of transactions and revenue. The best way to keep track of your money is with an approved cannabis-specific account with Aery Group.

The New Mexico Cannabis Control Division published rules for producers on its website ahead of the September 1, 2021 deadline. However, rules for manufacturers, retailers, testing facilities, and other parts of the supply chain, such as couriers, must be finalized by January 1, 2022. Adult-use cannabis sales will start no later than April of 2022.

At Aery Group we specialize in:

Compliance with every state and federal law. Compliance means that a member’s money is safe, and insured up to $250,000 by NCUA.

Expertise: Aery is a handpicked team of compliance experts with more than 85 years of banking expertise.

Competitive fees: Aery’s fees are designed to be competitive and transparent.

Convenient: We offer a variety of services to make banking and cash handling seamless for CRBs.

About Us: Aery Group is a private banking solution for CRBs looking for secure, compliant, access to financial tools such as business checking, debit cards, payroll solutions, and more. Aery Group is a subsidiary of US Eagle Federal Credit Union.

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