Just this past week a U.S. congressional committee decided to reject a new measure that would have protected federally licensed banking institutions from strict fines and penalties for opening bank accounts for businesses related to the cultivation, processing, manufacturing, and sale of cannabis industry. One of the major issues inhibiting a legitimate industry in legal cannabis states is that cannabis remains an illegal drug by the DEA under the Controlled Substance Act. This declares cannabis as illegal under federal law.
Though businesses in certain states like California, Oregon, Washington, and Colorado operate legally under their states laws, banking institutions work closely in conjunction with the Federal Reserve and Department of Treasury which have forbidden them to bank their money. At this point Banks refuse to open cannabis businesses bank accounts in fear of being shut down.
This has caused those within the sector to work solely with cash-only operated business. Yet, somehow cannabis businesses still have to pay their state and federal taxes, conduct payroll for their employees, and maintain some sort of accounting system. How can business owners hope expect to run a legitimate enterprise if they can’t keep their bank accounts open?
Businesses involved in the Cannabis sector can turn to The Management.Group (TM.G) to provide a full-service comprehensive solution to their financial banking hardships. The company offers a wide range of financial services that should be seen as extremely valuable to companies such as providing legal banking solutions, cash transportation to depositories, merchant and payment technology, and even offer developing business loans to help expand their company’s operations.
The Management.Group also offers accounting and bookkeeping support which can help provide business owners with a comprehensive overview of their enterprise’s operations. Every businesses truth lies plainly in their numbers. By hiring TM.G to investigate and provide an in-depth analysis of your books, business owners will be able to operate at full capacity without a wasting a dollar.
Paying your employees is another important aspect of running any successful business. TM.G, through their payroll service team, offers your company the ability to manage and keep track of your payroll whether its paid on a weekly, bimonthly, or monthly basis and calculate many complicated aspects of payroll such as health benefits or retirement plans for any type of employee you may hire.
TM.G solves the number of complicated issues facing cannabis business which allows owners to focus on generating revenue. By hiring The Management.Group you can ensure that your bank account will stay open, your employees will be paid on time and that the financial side of your business will run effortlessly efficient.
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