Revolutionizing Finance and Banking Sector in the Cannabis Industry

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Finance and Banking Sector in the Cannabis Industry

October/01/2019

The cannabis industry has, for the last few years, been growing at a whirlwind speed. This industry is currently the fastest growing industry in the world. There is a tremendous increase in the number of states legalizing marijuana in the United States, coupled with local support hitting as high as 65%. With such a trend, the need for political and financial activities for the industry is not only essential but mandatory.

However, the rise of the cannabis industry has not been without challenges, as the industry is still illegal. It is an industry that does not benefit from financial institutions; it is an all-cash industry. The industry still runs on the archaic, backward, and outdated economic system. Due to this, the cannabis industry is an inefficient and accountable market. The industry lacks a system that helps to keep up with demand and supply paving the way for the thriving of the black market. In a recent audit, it was demonstrated that the ratio of illegal dispensaries to the right ones is 3:1; for every one legal dispensary, there are three illicit ones. This shows the gap between the market for legal and illegal marijuana.

In comparison to other growing and fully-grown industries, the cannabis industry is at a stalemate due to the lack of modern ways of banking and financing. It makes it hard for startups and ventures in the cannabis industry to grow and reap a profit. The cannabis industry has since time immemorial operated within the realms of the black market with traditional methods of financing at its center.

As a result, entrepreneurs in the legal market are having a tough time reinvesting and growing. Without modern methods of financing, online payments are not readily accepted. It brings the entire system to its knees; employees are one of the profoundly affected parties. They cannot access direct credit and deposits, making life hard for them as they carry cash around. Finance in the cannabis industry should be looked at, and practical measures put in place to ensure the growth and sustainability of the sector.

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