Federal marijuana prohibition has prevented traditional insurance, banking and credit-card services from working with state-legal cannabis businesses, creating a dangerous overreliance on cash that has led to countless dispensary break-ins and robberies. Katrina Skinner, our general counsel and chief banking officer, explained how federal reform such as SAFE Banking doesn’t directly play into how the company strategizes for the future.
Calls are increasing among marijuana growers to stop licensing new cultivation businesses in more established recreational cannabis markets including Colorado, Michigan and Oregon. Alex Rubin, one of our regulatory analyst, said he sees the importance of stabilizing the market when there’s so much supply in Colorado when demand has dropped.
As the cannabis industry continues to grow, regulations will only get more onerous and complex, and enforcement will ramp up. In order to survive, it’s imperative for cannabis business owners and the ancillary companies that support them – such as banks, insurance agencies, law firms and marketers – to keep on top of regulations.
Read the article written by Brooke Butler for Cannabis Industry Journal.
“Through Market Guide, we are not only helping significantly reduce the time and money companies have to allocate towards understanding and complying with tax laws, but we’re helping these companies retain their licenses and survive.”
Simplifya has teamed up with CohnReznick to bring key tax and accounting data to its Simplifya Market Guide.