Table 8 Banking and cash issues reported by cannabis-related business owners (CRBs) compared to Certified Public Accountants
Banking and cash issues reported | Reported by participant type | ||
|---|---|---|---|
Cannabis-related business owners count (%) | Certified Public Accountants that serve industry | Certified Public Accountants that do not serve industry | |
Banking issues vary by state | 0 | 2 (40%) | 0 |
High fees | 7 (70%) | 3 (60%) | 0 |
Significant reporting requirements for bank | 3 (30%) | 3 (60% | 0 |
Safety/security issues | 3 (30%) | 1 (20%) | 4 (44%) |
Some CRBs have bank accounts that are not openly cannabis accounts | 4 (40%) | 1 (20%) | 0 |
No credit cards | 1 (10%) | 2 (40%) | 0 |
Insider theft/susceptible to fraud | 0 | 1 (20%) | 1 (11%) |
No banking available | 0 | 0 | 4 (44%) |
Complicated cash record-keeping | 2 (20%) | 0 | 2 (22%) |
Bank is long distance drive | 4 (40%) | 0 | 0 |
Accounts get closed by bank | 7 (70%) | 0 | 0 |