Jason Nelson just wants to get as close to "fairly normalized business banking" as possible. But as the owner of Swade dispensaries and Sinse Cannabis cultivation, that's much harder than it sounds.
He's a customer at Triad Bank in St. Louis, one of the few banks in Missouri willing to work with cannabis businesses. His employees have direct-deposit for payroll, 401-K contributions, and full benefits packages.
But there's a lot that's not normal, like the company's inability to have a business credit card. "That's just a non-starter for us with a cannabis business," Nelson said.
Major credit card companies want nothing to do with a business that sells a product the federal government still considers illegal — even in states that have legalized cannabis. That means all transactions for cannabis businesses nationwide are done in cash. Few banks nationwide serve cannabis businesses and their owners — or even their auxiliary partners – for the same reason.
Read more at missouriindependent.com