The cannabis industry knows how difficult it can be to secure a bank account. Many know what it’s like to be routinely and repeatedly shut out of accounts without warning. Enter Fincann. Launched in 2017, this cannabis banking group has committed time, resources, and education to help solve one of the cannabis industry’s most urgent issues: how to obtain–and retain–banking services without workarounds.
Fincann’s mission: Compliant, transparent, and stable banking
At the core of Fincann’s business model is an ethical standard committed to abandoning workarounds and loopholes others in the cannabis industry have embraced. Fincann’s solutions are compliant, above board, and developed with full cooperation of financial institutions, leaving behind many common cannabis banking workarounds like cashless ATMs, deceptive LLCs, and lying to the bank.
Fincann can connect any cannabis business, operating in any sector and any state, with compliant, transparent, and stable financial solutions including, but not limited to:
- Commercial banking services
- Merchant processing services
- Checking accounts
- Electronic payment processing
- Commercial financing
- Legacy cash banking
- Cannabis banking advisory to financial institutions and fintech companies
Home of the Cannabis Banking Financial Network™
Fincann CEO Nathaniel Gurien discovered that many banks, plagued by stigma and decades of Prohibition-era talking points, were under the false impression that they could not work with the cannabis industry. The opposite is true: key federal bodies, including the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), have repeatedly affirmed the need for these services to ensure state-level operators are properly banked. Since that revelation, Gurien has brought many stakeholders “into the fold,” educating them on the ins and outs of compliantly banking the entire cannabis industry.
Fincann tracks these banks as an industry resource for cannabis industry stakeholders. As of March 2021, 194 banks are willing to work with the cannabis industry to some extent, representing thousands of bank branches across the U.S. Visit the Official Cannabis Industry Bank Counter on their homepage to learn more.
An industry resource for cannabusinesses and FIs alike
A major component of Fincann’s job is to educate cannabusinesses, banks, and stakeholders alike on the true issues facing cannabis banking. To that end, Fincann offers many resources on its website, including educational content, a real-time news feed, and a state-by-state regulations and enforcement tracker. Visit the Fincann website for more information or to connect with a Fincann representative.