A California company has announced its intent to assist with a significant impediment to the activities of businesses related to legalized marijuana. KindBanking, which is calling itself the “first marijuana industry financial banking solutions company,” will have a presence in Seattle and Denver, offering financial solutions for businesses that have arisen from Washington's and Colorado's legalization of marijuana for recreational use.
Among KindBanking's planned efforts are establishment of a global investment fund to support marijuana businesses in the U.S. and overseas, and provision of a cash storage business using armored car services for pickup and delivery.
KindBanking founder and CEO David Dinenberg said in a news release from the company, “Legal cannabis businesses that do not have access to safe cash transportation create major public safety problems in addition to logistical and operational challenges. Many legal cannabis businesses have large amounts of cash on hand each day and must find ways to store it and pay their vendors and suppliers.”
The news release states that in February the Financial Crimes Enforcement Network issued guidelines to clarify expectations for financial institutions seeking to serve marijuana-related enterprises.