HARDCAR Distribution Provides Sound Cannabis Banking Opportunities for Financial Institutions
The cannabis industry is an exploding market and doesn’t show any sign of slowing down, so HARDCAR is once again leading the way with cannabis banking solutions to get money off the streets.
July 18, 2018 – (Palm Springs, CA) – HARDCAR Distribution is excited to announce that it is offering cannabis banking solutions for financial institutions interested in entering the cannabis industry. HARDCAR has already established strong relationships with credit unions across the state of California and can provide the services that help these institutions stay compliant with state laws.
With leadership roles in the nation’s top cannabis associations, groundbreaking advocacy meetings with government officials and unprecedented partnerships with credit unions to provide viable banking services, HARDCAR Distribution has positioned itself as a leader in the cannabis industry. For years the company has played an integral role in the safe management and transportation of cash and product throughout the state, but public safety comes first and the company clearly sees the danger in keeping cash on the streets.
“HARDCAR is the first company to legally transport cannabis cash to the federal reserve in California, so it only makes sense that we expand further and to offer the right solutions for legal cannabis businesses. We know the challenges of trying to bank through traditional sources and are excited to continue the leading the pack.” – Todd Kleperis, HARDCAR Distribution CEO
In states where voters have legalized medicinal and/or recreational cannabis, serious solutions are needed to keep cash off the streets and help reduce violent activity. Although federally illegal, the Federal Government has yet to crack down on institutions that follow the rules and keep public safety at the forefront, and should be the first consideration for financial institutions looking to enter the cannabis industry.
The Financial Crimes Enforcement Network (FinCEN) is an organization dedicated to safeguarding the United States financial system and offers guidance for financial institutions looking to enter the cannabis industry. It is important to understand this guidance is predicated on the Cole Memorandum which reiterated Congress’s determination that marijuana is a “dangerous drug”. However, the Cole Memorandum no longer exits and has created an opening for financial institutions to offer their services to cannabis related businesses.
In regards to public opinion, voters have spoken in a number of states making both medicinal and recreational (adult-use) cannabis legal to qualifying state residents. Cowen & Co. estimates U.S. that the marijuana business could reach $75 billion by 2030 if fully legalized, and financing solutions for proper growth and public safety are an absolute must. This is evident as seen recently in California where voters authorized the creation of a state-chartered banking system to serve the cannabis industry.
“We have been working with HARDCAR for over 2 years and have been seriously impressed with the skill set they bring enabling legal banking solutions.” – Jade Yuan, CFO, NTK Capital.
It is apparent the cannabis industry will continue to grow at rapid pace, and HARDCAR is dedicated to guiding proper growth to keep people safe. For more information please contact HARDCAR at email@example.com or call 1-833-246-4273.
About HARDCAR Distribution
HARDCAR is an award-winning 3PL Secured logistics company and long-time contributor to the cannabis space, with a proven track record of cultivating and solidifying meaningful relationships throughout the industry. From Armored cash deposits to the federal reserve, distribution, lab testing, trimming, secured storage, and transport, HARDCAR Distribution has all aspects of cannabis retail covered. Through collaboration with our diversified team of highly qualified and talented professionals, we help cannabis businesses stand out in the industry by providing the highest quality industry services that keep our partners’ products safe, while maintaining excellence and compliance throughout our work.