The budding cannabis industry in Pennsylvania has encountered trouble with financial backing from the get-go. Federal money laundering statutes bar any money earned through state-regulated cannabis, hemp, and medical marijuana industries from entering federal banks. The limitation has forced most banks to keep their distance from legitimate cannabis-based businesses. Attorney Andrew Sacks, a managing partner of Sacks Weston LLC was one of several professionals who wanted to see that change.
Andrew worked alongside eXPO™ Banking Solutions to help transition the company into Pennsylvania. eXPO™ has announced their financial technology platform called eXPO™ Business Solutions will begin accepting applications immediately but the official platform launch is on Monday, February 18th, 2019. It is extending its services to cannabis companies, both on-the-rise and established, who were previously underserved by other banking institutions. Members can enjoy credit/debit card processing, checking, wire transfers, and more, just as they would find with similar companies, with the prime outlying factor being that eXPO’s unique system allows money from the cannabis industry to reach federal banks.
eXPO™ stood out to Attorney Sacks for its transparency, legitimacy, and intelligent networking processes that never connect the “cash to the plant.” For added security and solidity, eXPO™ is registered with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. In Andrew’s own words, “It was important to me that all the t’s were crossed, and i’s were dotted, and now we are at the point of helping each of our cannabis and hemp businesses transact business without disguising their identity.” For the cannabis industry movement to be truly successful and futureproof, business owners need to be able to operate openly and without misplaced shame.
The CEO of eXPO™ Banking Solutions, Mr. Larry Lipman, was quoted as saying, “[eXPO™] will begin to work with Pennsylvania’s Cannabis industry through the Pennsylvania Cannabis Coalition to enhance their business practices and strengthen their economic viability, prior to creating solutions for other unbanked consumers and businesses.”
For more information about the growing cannabis industry in Pennsylvania, be sure to visit our blog and browse our entries. If you have questions about operating a cannabis business legally in the state, you can also contact Attorney Andrew Sacks and arranging an initial consultation.