Billions has prominently featured the cannabis industry in Season 5, and the show is known for it's authenticity.
They’re getting one thing about weed completely wrong...
They’re getting one thing about weed completely wrong...
@landforce WE HAVE BANKS.
It hasn’t always been this way, and it varies widely, but the legal cannabis industry is banked.
Not by Wells Fargo and B of A, but we've got banks.
You don't have to take it from me, here's an example:
It hasn’t always been this way, and it varies widely, but the legal cannabis industry is banked.
Not by Wells Fargo and B of A, but we've got banks.
You don't have to take it from me, here's an example:
@landforce The headlines you’ve seen about the SAFE Banking Act are likely the source of this narrative.
The Secure And Fair Enforcement Banking Act aims to bring normal financial services to legitimate cannabis companies.
Cannabis business absolutely need more services. But…
The Secure And Fair Enforcement Banking Act aims to bring normal financial services to legitimate cannabis companies.
Cannabis business absolutely need more services. But…
@landforce The central plot of Season 5 revolves around a cannabis company called Fine Young Cannabis.
This company has literal pallets of cash and no one will take it.
This just isn't reality.
This company has literal pallets of cash and no one will take it.
This just isn't reality.
@landforce Cannabis friendly banks take cash deposits all day long, as long as it doesn't smell like weed.
I'm not sure what they're spraying on the cash in that one scene in last week's episode, but we just put instant coffee in our safes. Does the trick.
I'm not sure what they're spraying on the cash in that one scene in last week's episode, but we just put instant coffee in our safes. Does the trick.
@landforce The cannabis friendly banks I see go 3 ways:
1- High monthly account fees ($500-2000/mo)
2- Aggressive deposit based fees (1-2%)
3- Unadvertised, unknown, but they play ball (?)
No matter how they do it, they’re all credit unions as far as I've seen. 🧐🧐
1- High monthly account fees ($500-2000/mo)
2- Aggressive deposit based fees (1-2%)
3- Unadvertised, unknown, but they play ball (?)
No matter how they do it, they’re all credit unions as far as I've seen. 🧐🧐
@landforce They require (at least) quarterly compliance reporting, financials, and more. Pretty reasonable stuff.
If you jump through these hoops, you can:
- Deposit mountains of cash
- Accept and write checks
- Send wire transfers
- Make ACH payments
It's pretty great tbh.
If you jump through these hoops, you can:
- Deposit mountains of cash
- Accept and write checks
- Send wire transfers
- Make ACH payments
It's pretty great tbh.
@landforce I'm no finance and banking expert, and of course the SAFE Banking Act will bring a new layer of services and ease to banking for cannabis businesses... but the stuff we really need we already have.
@landforce Seems like a rare miss for the GOATS at @SHO_Billions
HMU if you need some consulting on future 'sodes sir @briankoppelman
HMU if you need some consulting on future 'sodes sir @briankoppelman
@landforce Here's a thread I wrote on what banking used to be like in cannabis. I've had accounts booted from all the big national banks and am 86'd at a couple.
If this season aired 5 years ago, it would have been spot on.
If this season aired 5 years ago, it would have been spot on.
https://twitter.com/landforce/status/1385310374279270401
@landforce My name's Colin Landforce - I'm an entrepreneur and CTO at a publicly traded cannabis company. Follow me for tweets about building cannabis brands and businesses:
@landforce
While you're there, check my pinned thread for a bit more on my journey selling weed.a
@landforce
While you're there, check my pinned thread for a bit more on my journey selling weed.a
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