The first cannabis-focused neobank in Oregon is now open with business banking experts
The first cannabis-focused neobank in Oregon, the banking experts at Left Coast Financial Solutions, provides those in and connected to the cannabis industry banking opportunities previously unavailable. Left Coast bridges the gap between high-risk, cash-intensive industries and safe, secure financial management.
Because there are many industries that are perceived as posing significant risk to financial institutions, Left Coast Financial brings their banking expertise to bear to mitigate the risks and provide financial inclusion and security. The risk management, focus, and in-depth experience of the banking experts at Left Coast Financial enable these cannabis banking experts to address the hazards posed by chargeback threats, or other potentially negative exposures.
Serving high-risk industries is complex, expensive, and often yields diminishing returns, but Left Coast Financial utilizes their technology and domain expertise to meet and exceed regulatory demands. The benefits of this for financial industry partners includes a reduced risk profile, lower compliance burden, and higher returns.
Cannabis and Hemp businesses across the state of Oregon face a shortage of available banks, credit unions, and financial institutions that will provide services. Long wait times, poor service, and the inability to obtain an account causes cannabis businesses to struggle to pay for basic services. Left Coast Financial Solutions provides a demand deposit account, the full equivalent of a checking account at a bank or credit union, that enables the business to write checks, pay by ACH, or send and receive wires.
Left Coast is a cannabis friendly financial institution whose goal is to legitimize the industry by providing normalized financial services. No longer do cannabis companies need to wait 10-12 on a list. No longer do cannabis or hemp companies have to worry about a bank account closure. Left Coast is dispensary friendly, providing change service for cannabis retailers and dispensaries in communities that don’t have a bank or credit union near them. Left Coast’s marijauna business banking services are designed for the industry, by the marijuana industry. A marijuana financial institution for the Oregon cannabis industry and their related businesses and communities.
In practical terms, this Oregon-based banking expert offers cash pickup onsite with a deposit right into banking accounts, which enables customers to then easily make payments internally or externally. Left Coast’s system also aligns its cannabis customer businesses with standard practices such as 15 or 30-day net digital invoices, automatic and recurring payments as well as electronic checking.
A member of the Oregon Cannabis Association, Oregon Retailers of Cannabis Association and Tokeativity Connect, Left Coast Financial is committed to the communities it serves and to supporting education around the benefits of the legal cannabis industry and fair access to all business tools.