Online banking for cannabis in Oregon is now a reality
Cannabis banking has long been the weak link in the cannabis industry. Because of its federal illegality, those working in cannabis have been reduced to archaic, dangerous cash drops, payments with prepaid charge cards and other pieced together methods of doing business.
That is all changing with emerging companies such as Left Coast Financial Solutions, Oregon’s first neobank focused on the cannabis industry.
Exclusively an online bank, Left Coast Financial offers almost all of the traditional services that a brick and mortar location provides, but with the convenience, security and ease that only online banking can provide, with legitimacy for money and cannabis-related businesses.
Specific services regarding cannabis banking include free, secure pickup for cash, access digitally to your funds, compliance services on an ongoing basis, the ability to integrate with your accounting software like Quickbooks and perhaps most importantly, account stability and security that provides ease of use and peace of mind. Rest assured, Left Coast Financial acts in accordance with the government-mandated FinCEN guidance surrounding cannabis-related businesses.
Once funds have been quickly deposited in your account, they can be used to make internal or external payments, just like any traditional bank. Another advantage is the ability for Left Coast to customize its cannabis banking services and solutions for each customer, not just provide a cookie-cutter platform.
Left Coast aligns customers with standard financial practices like electronic checking, automatic and recurring payments and standard invoicing times, and maintains a best-practices approach to addressing transactions, regulations and compliance. Cannabis businesses also enjoy 24/7 online or mobile access to account information so cannabis customers work when it’s convenient for them.
Another aspect unique to Left Coast Financial, and helpful to smaller cannabis companies, is that there are no monthly or other service fees. The cost is only based on transactions, so if customers are not transacting, they’re not paying.