A frequently asked question we receive at Cannabis Business Professionals of Oklahoma (CBPOK) concerns banking; Can we create a bank account for our commercial cannabis enterprise?
The short answer is, Yes! There are a variety of banks in Oklahoma that now offer services for cannabis companies; we call these banks Marijuana Friendly Banks. While most of the banks out there will not take money from cannabis entities there are some out there that will. However, it’s better to understand what you’re undertaking before you jump right in.
For starters, be up front. At CBPOK we tell our clients and the banks we do business with exactly what we intend to do. There are stories already surfacing where cannabis businesses have opened accounts without disclosing that they’re growing, buying, or selling medical marijuana in Oklahoma. Initially this might work out well but inevitably the amount of cash a typical cannabis business deals with flags them and their bank account. As a result, a bank will close that account with little to no notice and suddenly your money is tied up in that account as the bank tries to resolve the issue.
So what’s this mean in general? Typically we direct clients of ours to cannabis friendly banks, and there are more than you’d think now in Oklahoma. From there the bank will likely ask for information like: EIN numbers, copies of Oklahoma Medical Marijuana Authority (OMMA) licenses along with Oklahoma Bureau of Narcotics and Dangerous Drugs (OBNDD) permits, driver’s licenses, certificate of good standing from the Oklahoma Secretary of State office. On top of this basic information they may ask to do a walkthrough of your facility (an audit) to ensure that the proper security measures and inventory tracking is being maintained.
This may seem like a lot, and sometimes it can be overwhelming but in the long run having a secure bank account for your cannabis business goes a long way. If you have questions, or would like help setting up your business bank account feel free to reach out to us at CBPOK.
Stay compliant and stay ahead!