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Cannabis Banking is the Achilles heel right now in the industry

I mean where to begin?! We started off going to the usual banks in the beginning not even considering what FDIC means. And trust me, we knew what this acronym was all about. The first bank that turned us down was the most helpful actually. Gave us great advice as to how to get going and we listened and acted. The next time we went hunting for a checking account for our new business it was a total success! Got the account, they were happy to help and it was a credit union. Now, everyone dogs them out for their fees and their policies and less strict environment. But, they welcomed us and we have been doing great business with them ever since. At the same time we were working to get a credit card and start building the companies credit. We applied for a VISA business card called Sparks. Took 3 months but we got the approval. In the name Indy CBD Plus and all! We have been using this card ever since. Our store had the same issues as any other CBD retail store in the sense of loosing merchant services multiple times a year, buying 2 ATMs, ordered multiple POS sets of hardware and then there was eCommerce. The website had to have all the smokeables removed per one MS provider, go figure. Then we lost it all together for a few months. So back to VISA. We receive a letter the other day that they after one year of service, are canceling our card. This is such an issue and it will slow us down a bit here but nothing that we can’t or have not overcame at this point. It is funny that all of a sudden a company that has approved your card, takes tens of thousands of dollars for a year, no penalties, no fees and then acts like they do not support your business. I could understand if there were charge-backs and late payments but there was never an issue. This blog today was not beneficial to anyone except the few of us that understand the troubles unique to our industry. To all the customers that have supported us through thick and thin, we appreciate you! To those interested in investing in a growing company with future plans to run the Indiana market, send us an email. But be prepared for the most interesting industry in your lifetime. It is not for the weak.

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