Get a Compliant Bank Account for Your CBD Business
One of the biggest surprises for many new business owners is that they encounter difficulty with banking. Another problem is accounts get open and then promptly, or in just a matter of time, get shut down. That is incredibly disruptive to any business.
This is a large part is because despite the Farm Bill making the production of hemp legal, in banking terms they are still considered “marijuana-related business”. Based on federal guidance, that puts a significant regulatory burden on the bank. In order to have the most secure bank account for your business, you want to work with a bank that runs a compliant program.
There are quite a few banks that have compliant, transparent, and secure programs but they typically require engaging an industry expert to place your account and work with you to prepare the application. The banks like these partnerships because the applications they receive are ready for underwriting review and approval. This streamlines the process for the business owner and the bank. These accounts have no risk of shut-down because the bank knows exactly what your business is selling and meets all of the requirements to accept and operate these types of accounts.
Our company MRB Compliance Group is an expert in high-risk banking and merchant processing. We’ve put together a mini-course “Getting into a CBD Friendly Bank”. This will give you more information about the CBD banking landscape.
Our goal is to cut through the myths and give business owners the realities to make the best choices. We never want someone to be at risk by electing to hide their account or being frustrated by the process of trying to find a bank that will accept their business.
To learn more about our banking services, we invite you to visit us at MRB Compliance Group.
MRB Compliance Group provides CBD and other high-risk banking, merchant processing, and compliance solutions. Schedule a call with us at www.calendly.com/mrb-compliance
