While there are still those who roll their eyes at the notion that cannabis may cure or treat conditions, more and more are accepting the plant’s scientific uses. Even so, cannabis businesses still face the same challenge they faced years ago. In fact, you’d think things would have improved, but not a lot has changed.
Banking for the cannabis industry still sits just out of reach for many and has landed others in sticky situations. But now, Fincann is here to change all of that. Founded back in 2017, Nathaniel Gurien spent years learning about the industry banking payment space to find how his new venture could provide the most value. The goal: to build solutions to help compliant cannabis businesses gain access to genuine, transparent banking.
Essentially, the company assists clients by creating working relationships with banks. Their team also strives to educate financial institutions on the cannabis industry, while also offering fully transparent merchant processing solutions.
“One of our features is that rather than working for a company that has one solution, or a single bank, we represent and refer people to any one of numerous trusted colleagues who have legitimate and suitable solutions, platforms, and banking and financial services,” says Nathaniel.
“We collaborate with most of the folks that have gateway access to their client banks and that’s more choices that we can offer to our own clients.”
The Challenge of Real Banking Solutions for Cannabis Industry
Without the support of a bank and payment processing, compliant cannabis businesses can’t accept credit cards, acquire loans or set up deposit accounts. They are also unable to write checks, run payroll or pay taxes. While other “high-risk” businesses like check cashing, casinos and firearms bank with a traditional institution every day, cannabis still elicits an emotional reaction.
Rather than receiving an objective, risk management approach from banks, these merchants are quickly turned away. Thankfully, companies like Fincann and high risk payment processors are doing everything they can to help the cannabis industry resolve irrational banking challenges and take advantage of big growth opportunities.
With the right processor and high risk merchant account, cannabis businesses can easily process transactions – like any other business – and secure additional capital to fuel their sustained growth.
Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.