Banking woes for the legal cannabis industry are a real thing, and the Marijuana Business Daily is reporting on one of the latest firms attempting to solve the issues for cash-based cannabis businesses.
The goal behind the firm CannaNative, as stated on their site, is to "help tribes to develop hemp and cannabis-based economies on Native American lands throughout the United States. We believe that every tribe should have the opportunity to establish and grow a responsible, cannabis-based economy to sustain all future generations."
The San Diego-based company has been approaching tribes across the country in the hope of persuading them to act as bankers.
According to the Marijuana Business Daily's John Schroyer, it works like this: "companies would sign up for accounts, and depending on where they're located, an armored car service would pick up cash deposits and take the money to a secured facility on nearby tribal land. The client would then have access to the funds via an electronic system, so the money could be used for payroll and other needs."
While it's still too early to say whether CannaNative is a viable solution for cash-only cannabis firms, this week they announced a partnership with General Hemp. Here's Cashinbis.com's interview with co-founder and owner Anthony Rivera.